Binance will continue to oversee the Japanese market through strategic partnerships, confirmation from the CEO of the cryptocurrency exchange
Binance will continue to oversee the Japanese market through strategic partnerships, confirmation from the CEO of the cryptocurrency exchange

By Roberto D. | CryptoFarm | 19 Jan 2020


We had already talked about it HERE, following an initial official communication, today the issue has become clearer, as always happens after each speech by Changpeng Zhao (the CEO of Binance); however, let's pick up the thread from the beginning, in order to avoid confusion.

A few days ago Binance, with a post on its website, announced its intention to limit access to the trading platform for users residing in Japan; this has left many displaced since it seemed unlikely that Binance could abandon such an important square for the cryptocurrency market.

Today, however, CZ (the social pseudonym of the CEO of binance) intervened to clarify how things really are; in fact, the exchange will continue to oversee the Japanese market through strategic partnerships with two companies already active in the country, the Z Corporation (formerly known as Yahoo Japan) and TaoTao, an exchange that has already obtained the license to operate in Japan .

More in detail Zhao confirmed that:

We will continue to deal with our partners to prepare the launch of trading services for Japanese users; we are looking forward to partnering with Z Corporation and TaoTao to bring our services to Japan.

First of all, however, we want to make sure that we work in full compliance with the country's laws and regulations, whose standards play a crucial role in establishing the sustainable development of the whole sector and greater adoption by the public 

 

As we had assumed, therefore, behind the choice of Binance there were bureaucratic problems; With this move, therefore, Binance ensures the possibility of continuing to oversee the market for cryptocurrency exchanges in Japan, without having to deal with the onerous obligations that this would have required.

The idea, in practice, is that Z Corp and TaoTao will take advantage of Binance technology while ensuring complete compliance with the laws governing the sector in Japan; a strategically flawless move, which however leaves us to reflect on the possibility that the exchange created by Zhao intends to move in a completely different direction from the one we have seen it follow to date.

The doubt, in practice, is that Binance can simply offer the infrastructure necessary to develop cryptocurrency trading platforms globally, leaving local companies the task of interfacing with the institutions that regulate the market.


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015


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