Crypto exchange giant Binance has announced two major partnerships with subsidiaries of Yahoo Japan. This is big news for the industry.
Binance Eyes Crypto Expansion in Japan
According to a company blog post Z Corporation, a subsidiary of Yahoo Japan, and TaoTao has begun negotiations with Binance for strategic partnerships in the Japanese market.
The significance here is that these two firms are affiliated with Yahoo Japan which has been far more successful than its US counterpart.
Binance chief executive Changpeng Zhao was quick to point this out;
“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.”
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. https://t.co/dhTaJkD7WC
— CZ Binance (@cz_binance) January 17, 2020
Z Corporation Inc. (Z Corp), is a wholly-owned subsidiary of Z Holdings Corporation which is the Softbank subsidiary formerly known as Yahoo Japan Inc. TaoTao Inc. is a Japanese licensed cryptocurrency exchange and a portfolio company of Z Corp.
The collaboration will enable Binance to enter the Japanese market offing trading and crypto services in a fully regulated environment. The announcement added through Binance’s cutting-edge technologies, the two firms will collaborate with the Financial Service Agency to ensure full regulatory compliance in the Japanese market.
Japan’s government clearly doesn’t want its citizens to get burned and has made every effort to foster a safe crypto trading environment. Earlier this week the country’s financial regulator, the FSA, proposed lowering the leverage rate limit of cryptocurrency margin trading from 4x to 2x.
According to reports, the proposal would be a first for Japanese regulators involving the rate of crypto margin trading.
Binance Keeps Buidling
Not a week goes by without Binance rolling out new crypto trading pairs, fiat on-ramps, investment products or new offices.
So far this month the world’s most popular crypto exchange partnered with global fiat on-ramp solution Banxa to support Australian Dollars, Euros, and British Pounds.
It also opened fiat gateways for five new European currencies. Czech Koruny (CZK), Bulgarian Leva (BGN), Romanian Lei (RON), Polish Zloty (PLN), and Swedish Krona (SEK) were added to the list.
In Asia, it opened a Thai baht on-ramp through Thailand’s leading regulated digital asset exchange, Satang.
This latest development is big news for the crypto industry, especially in Japan which is already streets ahead of its western counterparts in terms of digital asset services.
What do you think about Binance’s expansion plans in Japan? Share your thoughts in the comments below!
Images via Shutterstock, Twitter: @cz_binance