Binance and Japanese Cryptocurrency Platform Unable to Form an Alliance

News • 2020/10/08 • by

The digital currency exchange platform Binance and TaoTao, a Japanese digital currency trading platform, could not reach a consensus on a partnership to establish a joint venture in Japan.

TaoTao released a statement on Monday that talks between the two-party to establish a cryptocurrency trading platform for Japanese users to have broken down. The partnership has been abandoned.

The discussion began in January 2020 to introduce Binance trading technology and experience to expand its local business. The reason for the breakdown in talks still unknown.

Last two years, the Financial Services Agency in Japan cautioned Binance against operating without a license. A few months into 2020, the exchange released a statement stating that it will prevent japan users from gaining access to its services.

Fisco, a Japanese crypto exchange that was a victim of a $60M hack last two years, accused Binance and filed a suit against them last month claiming the exchange deliberately permitted the laundering of stolen funds through its platform.

Source: Coindesk.

Comments (6)

Guest

godgrace1

6 years ago

the issue should be resolved so Japanese users of crypto currency will have easy access to purchase crypto

freshprinx

6 years ago

They should put their differences aside and come to a conclusion to move cryptocurrencies forward in their country

exodusab

6 years ago

It remains unknown what led to the abandonment of the partnership, however, as the included parties opted not to share such details.

visiblemoney

6 years ago

Going by the breakdown in partnership talks between Binance and TaoTao, the whole ball game can still be summarized under resentment. The Asians are known for communism and in whatever they do they put their nationality and their local interest first. The Japanese company could have declined on the polar reason of losing bigger stakes to Binance in eventuality of total acquisition of equity. I believe that the suite being filled by Fisco has further coroborated the grand cause of the fallout of the intending partnership. Perhaps, Binance should not be trusted with its aggressive capitalist expansionism.