Global crypto wallet platform, Binance has partnered the crypto trading platform TaoTao and SoftBank subsidiary Yahoo, all in Japan to provide better crypto and trading services to the people of Japan.
The exact details of the partnership between these companies have not been revealed as it appears negotiations are still ongoing.
With the help of licensing Binance’s cutting-edge technologies, Yahoo! Japan and TaoTao will work together with the local financial regulator the Financial Service Agency (FSA) in order “to ensure full regulatory compliance in the Japanese market.
Speaking on the partnership, Changpeng Zhao, Binance CEO said that they want to ensure compliance with the Japanese laws.
We are looking forward to our joint efforts with ZCorporation /TaoTao in bringing our services to Japan. Foremost, we want to ensure that we want to work in full compliance with Japanese laws and regulations where local and global standards function as a key role in establishing sustainable development industry-wide and greater public adoption Zhao said.
The Financial Service Agency / FSA proposed lowering the leverage rate limit of cryptocurrency margin from 4x to 2x. However, stricter Payment Service act and Financial Instrument and Exchange act will begin to be enforced by April.
Owing to regulations issues, Binance has announced that Binance.com will restrict access to Japanese residents.
A statement released by Binance read Binance.com will be phasing out the provision of services to residents of Japan. Therefore, in the future, we plan to gradually restrict transactions for Japanese residents. As soon as the details of the transaction restrictions are determined, we will contact you shortly.
However, the Central Bank of Japan (BOJ), the Bank of Japan, reportedly was conducting research on the possible issuance of a central bank digital currency (CBDC).
In 2019, Binance restricted US citizens from accessing Binance.com and launched Binance.US in partnership with BAM trading services a US money service business towards being compliant with US regulations.