Binance in Talks to Launch Crypto Trading Joint Venture in Japan
The exchange said it is discussing a strategic partnership with a Softbank subsidiary and Japan-based exchange TaoTao to work together to provide "trading services" in the country.
Jan 17, 2020 at 11:15 a.m. UTC
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Crypto exchange Binance is eyeing the launch of a new trading platform dedicated to the Japanese market.
According to a blog announcement on Thursday, the firm said it is discussing a strategic partnership with Z Corporation and existing Japan-based exchange TaoTao to work together to provide "trading services" in the country.
Z Corporation is a wholly owned subsidiary of Z Holdings Corporation, itself a subsidiary of Tokyo-based multinational Softbank (formerly Yahoo Japan).
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The three firms would harness Binance's technologies in order to build out the new service, according to the announcement. The two Japanese firms will take on the responsibility of working with the Japanese regulator, the Financial Service Agency, to ensure the new venture is compliant with local rules.
The news comes just days after Binance made an investment in South Korean stablecoin issuer BxB, saying the firm would work to support a new support center it will set up for local exchange users.
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