Binance Alliance With Japanese Crypto Platform Abandoned

A potential partnership between Binance and TaoTao fell through, 10 months after first being revealed.

AccessTimeIconOct 6, 2020 at 4:00 a.m. UTC
Updated Sep 14, 2021 at 10:04 a.m. UTC

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.

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