- Binance plans new partnership with Japanese firms
- Compliance is key for partnership – Binance CEO
- FSA sticks to its policy on crypto regulation
Cryptocurrency news today – partnerships are one of the best ways for crypto offerings to provide better services. Most times deals are struck to create better solutions for the benefit of users. This time the offering that has initiated plans for a new partnership is Binance. Binance has reportedly started discussions over signing a strategic collaboration with two major Japanese firms. The plans are still in the negotiations phase as of press time.
Binance is discussing with Japanese Firms, TaoTao and Z Corporation Regarding a Partnership
According to the press release, Binance has opened negotiations with Japanese firm Z Corporation. Z Corporation is a subsidiary of Z Holdings (formerly called Yahoo Japan). Binance is also in negotiations with Japanese firm TaoTao. TaoTao is a Japanese licensed crypto exchange.
At press time, details of the collaboration remain scarce. However, Binance said TaoTao and Z Corporation would continue discussions with Binance and initiate preparation to begin trading services for Japanese users. Binance CEO Changpeng Zhao had this to say regarding the arrangement:
“We look forward to our joint efforts to bring our services to Japan. Most importantly, we want to make sure we work fully in compliance with the Japanese laws and regulations in a sector where both local and global standards are key to establishing sustainable development and greater adoption.”
The FSA Sticks to its Policy on Crypto Regulation
Recall a report from January 14. At the time the FSA (Financial Services Agency), proposed that the rate of crypto marginal trading be reduced from 4x to 2x. It appears the regulator is holding on to its proposed regulation. Additionally, the revised models of the Financial Instruments and Exchange Act and the Payment Services (which some regard as vague and strict), will be enforced in April. According to Binance, all parties involved in the new partnership will work with the agency. Here is how the exchange puts it:
“By licensing Binance’s cutting-edge tech, Z Corp and TaoTao will partner with the FSA (Financial Service Agency) to ensure that we fully comply with the regulatory standards guiding the Japanese market.”
On January 16, 2020, Binance revealed that Binance.com will restrict access to Japanese residents. When Binance was asked why it decided to roll back services in Japan, there was no response. Currently, Japanese traders continue to have full access to Binance.com. Last September, Binance decided to restrict residents of the U.S from accessing Binance.com. It instead went on to launch Binance.US. At the time Binance chief talked about how important being fully compliant with the regulatory standards of the United States was.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
