Binance Alliance With Japanese Crypto Platform Abandoned

Global virtual asset exchange Binance and Japanese crypto trading platform TaoTao did not reach an agreement on a strategic alliance to launch a joint venture in Japan. 

TaoTao announced Monday that negotiations between the two parties to create a crypto trading platform dedicated to Japanese users have ended without agreement and the alliance was abandoned, CoinDesk Japan reported.

Binance entered into discussions with Japan’s Z Corporation (a subsidiary of Z Holdings, which owns Yahoo Japan) and its affiliate local crypto trading platform TaoTao in January 2020 with the goal of incorporating Binance’s trading technology and operational know-how to expand its domestic business. 

In 2018, Japan’s financial watchdog FSA warned Binance against operating without a license, and earlier this year, the firm announced it will phase out services to customers residing in Japan. 

Last month, Japanese crypto exchange Fisco (previously Zaif) which suffered a $60 million hack in 2018, filed suit against Binance alleging it knowingly allowed stolen funds to be laundered through its exchange.