The Malta-based cryptocurrency exchange, Binance Holdings Limited announced entering into a strategic partnership discussion with Z Corporation, a wholly-owned subsidiary of Z Holdings Corporation and TaoTao Inc., a Japanese licensed cryptocurrency exchange.
The official release stated,
“Z Corp, a subsidiary of Yahoo Japan, and TaoTao will continue discussions and deliberations with Binance and begin preparation to launch trading services for users in Japan. Through licensing Binance’s cutting-edge technologies, Z Corp and TaoTao will collaborate with the Financial Service Agency to ensure full regulatory compliance in the Japanese market.”
This comes days after Binance.com announced ‘phasing out‘ of services to the Japanese residents. In line with this, the platform revealed its plans to gradually restrict transactions for the region. So far, no kind of transaction restriction was implemented by Binance.com.
If the alliance materializes, this would be a crucial step for Binance to enter the Japanese market, much like the earlier launch of its US arm. Binance had announced the launch of Binance.US in September last year, as part of which crypto platform had partnered with California-registered, BAM Trading Services, in a bid to serve the U.S. market in full regulatory compliance.
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Following the development, CZ, the CEO of Binance, tweeted,
“Many non-Japanese may not understand the significance of this. TaoTao & Z-Corp are subsidiaries of Yahoo Japan. YJ has been independent from Yahoo US for a long long time and is doing well. It is 48% owned by Softbank. Couldn’t ask for a better partner than TaoTao in Japan.”