Japan’s TaoTao terminates partnership with Binance

Japanese crypto exchange TaoTao terminated its negotiations with Binance for a strategic partnership in the Japanese market.

By · Oct 6, 2020 . 5min read

TaoTao terminates partnership with Binance latest news
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One of the largest cryptocurrency exchanges, Binance, was looking for a partnership with the Japanese crypto trading platform TaoTao. However, crypto exchange Binance has encountered a hindrance in its attempt to return to the Japanese market. Japan’s crypto exchange TaoTao said that it had terminated negotiations with the major trading platform Binance over a recommended return to the Japanese market. This indicates that the collaboration is no more and the alliance has been discontinued. 

Binance participated in conversations with TaoTao in January 2020.

Binance appears to have joined the conversation with TaoTao and Japan’s Z Corporation in January 2020. The primary objective of holding these discussions and forming the alliance was essential to develop the domestic business of both the firms. Furthermore, it also expected to consolidate the trading technology of the largest crypto exchange. Thus, assisting to improve the local crypto market of Japan. Nevertheless, it is still unclear as to why this step was taken by the firms and the reason behind the collapse of this alliance.

Binance faces challenges in Japan.

The announcement of terminating the alliance is quite a recent one. Moreover, we have seen that Binance has been suffering from numerous difficulties in the country for a very long time. Earlier in 2018, the exchange received a warning from Japan’s Financial Services Agency (FSA). FSA is the financial watchdog of the country.

The warning was against the exchange for operating without a license. Recently, a lawsuit was filed against the exchange by Fisco, a local crypto exchange in Japan. Fisco underwent a $60 million hack two years ago. Notwithstanding being such a quickly growing crypto market, the world’s largest exchange is still witnessing a hard time to expand its market in the region.

Recently, Binance announced a Binance BuidL Reward Program. It hopes to reward developers on its smart contract blockchain platform with as much as $5M in rewards. However, the Binance BuidL Reward Reward Program will come in the form of rebate to developers as it refunds fees to them in a special arrangement.

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