Binance Suffers Setback While Trying To Return To Japan’s Market

Binance suffers a setback while trying to return to Japans’ market after the licensed crypto exchange TaoTao said they “ended negotiations” with the major trading platform over the proposed idea to return in Japan so let’s read more in our latest binance news.

The news came 10 months after the number one exchange claimed they prepared to launch trading services for users in Japan by making a strategic partnership with TaoTao, the Z Corporation operator, and the Z Holdings Corporation company. The Z Corporation operates Yahoo Japan which is the leading search engine in the country and it backed by SoftBank, with a 48% stake in Yahoo Japan. Yahoo Japan owns a 40% stake in TaoTao or as it was formerly known as BitARG.

TaoTao issued a press release saying that the company was negotiating with Binance about a strategic partnership on the Japanese market but has now ended these negotiations:

 “As announced on January 17, 2020, we have been discussing the issue of strategic partnership in the Japanese market, but we have decided to end negotiations.”

Binance was trying to return to the Japanese market after it announced the it will phase out its services to all customers that reside in Japan back in January after the many requests from the regulatory body of the country- the Financial Services Agency. Binance suffers a setback since the FSA requires all domestic and overseas crypto exchanges to obtain operating licenses from the regulator if they want to target the Japanese market. BitMEX also left Japan over legislative changes.

As we reported earlier in our Binance latest news, Later in August this year, the crypto exchange launched its DeFi composite index and got trading under the DEFIUSDT symbol which is now down by 50% in little over a month. At this point, it is quite clear that decentralized finance is where the party is at. The space saw exponential growth over the past month with total value locked in protocols increasing from $500 million in March to almost $11 billion at the time of writing.

Also, the New Glassnode Uniswap report shows that the governance mechanisms of the platform point out that it could be centralized and controlled by Binance. Uniswap made it clear that about 40% of the UNI tokens will be allocated to the team and the advisors as well as the investors with about a half of that going to the last two. The new Glassnode uniswap report explained that this only alludes that the protocol falls short of true decentralization.