Binance’s Partnership Talks with Japanese TaoTao Fail
The crypto exchange giant Binance failed to reach an agreement with TaoTao, the Japanese digital asset platform for establishing a local joint enterprise.
Coindesk reported Tuesday that negotiations between the companies failed to produce an agreement. However, it is unclear what the cause of the failure was.
Binance began talks with Z Corporation in January to establish itself on the Japanese cryptocurrency market. Finance Magnates reported previously.
TaoTao has a license to legally run a Japanese digital exchange.
Binance’s Troubles in Japan
Binance, one of the most prominent global cryptocurrency exchanges, has local operations in all major markets. It was however faced with hostility in Japan which is one of the largest crypto markets by trading volume.
In 2018, the Financial Services Agency (FSA), warned the exchange for operating in the country in violation of a license. This was in response to the Coincheck hack.
Despite speculations, Binance was asked to comply with local regulations. Binance had earlier in the year informed Japanese users it would be ending its services.
Binance was also facing another blow from Fisco, a Japanese cryptocurrency exchange. It filed a lawsuit against Binance for facilitating the laundering of money using digital currencies. The exchange, formerly known as Zaif was hacked in 2018 and suffered a loss of approximately $60 million.