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.
- It is unclear why the attempted partnership fell through.
- In 2018, Japan’s financial watchdog FSA warned Binance against operating without a license; 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.