The latest cryptocurrency news take us to Japan, where the head of Binance Changpeng Zhao has started discussions regarding a strategic partnership with two Japanese firms. As we can see from the news, the Binance CEO addresses compliance as the key for new strategic partnerships in Japan.
A press release on January 17 shows that the head of the exchange has begun negotiations with Z Corporation, a subsidiary of Z Holdings formerly known as Yahoo Japan and TaoTao, a crypto exchange licensed in Japan.
Right now, the details of the partnership are still hidden. However, the Binance CEO addresses compliance and said that Z Corporation and TaoTao would “continue discussions and deliberations with Binance and begin preparation to launch trading services for users in Japan.”
Changpeng Zhao (CZ) spoke to the media about the partnerships and said:
“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.”
As Binance CEO addresses compliance, we can see that this comes as a follow up from the January 14 decision by the Financial Services Agency (FSA) which proposed lowering the leverage rate limit of cryptocurrency margin trading from 4x to 2x. The revised versions of the Payment Services Act and the Financial Instruments and Exchange Act, will be enforced in April.
The Binance news also show that as per the exchange, all parties in this partnership would work with the agency. The exchange said:
“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.”
Meanwhile, Binance yesterday announced that the exchange will gradually restrict access to residents of Japan. There has not been a clear response as to why this is happening and currently, the Japanese traders still have full access to the platform.
While Binance CEO addresses compliance as key in Japan, its move in United States from last September shows that the exchange restricted the residents of the US from accessing Binance.com and instead launched Binance.US in a partnership with BAM Trading Services.
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