Binance Negotiates With Two Japanese Companies as Part of Local Expansion
The Binance cryptocurrency exchange officially announced this Friday that it is negotiating a partnership with two Japanese companies: Z Corporation, a division of the search engine operator Yahoo! JAPAN of Z Holdings, and the TaoTao licensed digital asset trading platform.
In a press release, Binance chose not to go into details but hinted that it wants to launch a digital asset trading service in the Japanese market with the support of local companies.
“ Z Corp, a subsidiary of Yahoo Japan, and TaoTao will continue discussions and deliberations with Binance and begin preparation to launch trading services for users in Japan. Through licensing Binance’s cutting-edge technologies, Z Corp and TaoTao will collaborate with the Financial Service Agency to ensure full regulatory compliance in the Japanese market.”
The day before, Binance announced that it would gradually restrict access to the services of its main trading platform Binance.com for residents of Japan.
Japan is not the only Asian country that Binance is interested in. According to Business Korea, the exchange invested in the Korean crypto startup BXB, which produces stablecoins, with an aim to expand in the local market.
“We are currently discussing specific ways to cooperate with BXB,” Binance said. “We are drawing up a long-term plan to lead the Korean cryptocurrency market.”
Also today, Binance reported on launching margin trading in the pair BUSD / USDT. BUSD or Binance USD is its own stablecoin exchange, which was issued in collaboration with Paxos last year and recently registered with the New York State Department of Financial Services.
Author: Marko Vidrih
Featured image credit: Pixabay