Binance CEO Says Compliance Is Key for New Strategic Partnership in Japan
Binance, one of the top cryptocurrency exchanges globally, has started discussions regarding a strategic partnership with two Japanese firms.
According to a press release on Jan. 17, Binance has begun negotiations with Z Corporation, a subsidiary of Z Holdings formerly known as Yahoo Japan and TaoTao, a Japanese licensed cryptocurrency exchange.
The exact details of the partnership have not been revealed as of this moment, but Binance said Z Corporation and TaoTao would "continue discussions and deliberations with Binance and begin preparation to launch trading services for users in Japan".
Binance CEO Changpeng Zhao (CZ) commented to Cointelegraph on the partnerships:
“We are looking forward to our joint efforts with Z Corporation/TaoTao in bringing our services to Japan. Foremost, we want to ensure that we 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.”
FSA maintains a tight grip on crypto regulation
On Jan. 14th, the Financial Services Agency, or FSA, proposed lowering the leverage rate limit of cryptocurrency margin trading from 4x to 2x. Moreover, the revised versions of the Payment Services Act and the Financial Instruments and Exchange Act, which some see as strict and vague, will be enforced in April.
Binance noted that all parties in the partnership would work with the agency, stating, "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."
Just yesterday, Binance announced that Binance.com will gradually restrict access to residents of Japan. Cointelegraph has asked Binance why it rolled back services in the country, but has not received a response at press time. Currently, Japanese traders still have full access to the platform.
Last September, Binance restricted residents of the United States from accessing Binance.com and instead launched Binance.US in a partnership with BAM Trading Services, a U.S. money services business. Back then, CZ talked about the importance of being "fully compliant" with U.S. regulations.