A popular cryptocurrency exchange Binance has reportedly partnered with a wholly-owned subsidiary of Yahoo! Japan, Z Corporation, to set up a separate platform in the country.
Japanese licensed cryptocurrency exchange and a portfolio company of Z Corporation, TaoTao, is also joining this initiative by Binance on Friday. According to the reports, Z Corporation too has a 40% stake in cryptocurrency exchange BitARG Exchange Tokyo.
The trio, as part of the partnership, will operate a licensed cryptocurrency exchange in Japan. TaoTao and Z Corporation will collaborate with the Financial Service Agency (FSA), the country’s financial regulator, to make sure about the compliance.
For cryptocurrency exchange operating in Japan, it is mandatory to be licensed by the FSA since they are regulated by the nation’s Payment Services Act.
Earlier this week, Binance stated that it would implement a ‘slow restriction of trading functions’ for Japanese residents later, showing that it will open a separate cryptocurrency exchange in the country.
The development has been confirmed by today’s news. Binance’s Japan move strikes a resemblance to the US initiative. In 2019, the exchange first stopped serving the US residents, and then returned after a few months with a new cryptocurrency exchange dedicated to the US Market, Binance.US.
Binance, for the US launch, partnered with a little-known firm registered in California, BAM Trading Services.
However, Binance has not offered any timeline details for its Japan launch by far. The cryptocurrency exchange has reportedly set up a different entity in South Korea, Binance LTD.