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Binance Sets Sights on Compliance as It Plans Trading Service in Japan

Binance Sets Sights on Compliance as It Plans Trading Service in Japan
Binance Sets Sights on Compliance as It Plans Trading Service in Japan

Binance is a powerhouse where cryptocurrency trading is concerned. With offices in Europe, Asia, Africa, and in the U.S. However, the company is still working on expanding to several countries. Earlier today, the company published a press release announcing that it has started negotiations with Japanese crypto exchange TaoTao and business investment company Z Corporation. Although the exact nature and terms of the agreement haven’t been released, the exchange explained that it would deliberate and discuss with both Japanese entities over the possible launch of crypto trading services for Japanese enthusiasts going forward.

Regulation is a Top Consideration

In the release, Binance chief executive Changpeng Zhao explained that there are still some details that need to be ironed out to get this trading platform up, including ensuring proper regulatory compliance. He added in the release, “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.”

Binance has had a bit of a rough history with Japan. The exchange was forced to move to the country years back, following a ban on crypto exchanges and Initial Coin Offerings in its original headquarters- China. However, the exchange moved once more in early 2018, settling in Malta after Japanese financial regulators issued a warning over its lack of a national exchange license.

Earlier this week, the exchange announced on its Japanese support website that it would be restricting access to Japanese users at a later date. The implementation of the ban is said to be happening gradually, although the announcement explained that more extensive details would be revealed summarily. Most likely, the collaboration between Z Corporation and TaoTao is the company’s way of ensuring that it maintains a hold on its users despite their inability to access its main platform.

Consistent with Binance’s M.O

As an exchange, Binance has been known to take regulatory compliance and customer security seriously. Last year, the exchange announced to its American users that it would be restricting their access to its platform for a while, as it was working on a U.S.-dedicated, regulatory-compliant platform. In September, Biannce.US launched, providing Americans access to trading services once again.

However, the exchange was unable to provide access to every American, as the company pointed out at the time that it was working on getting regulatory clearance from several states- including New York, North Carolina, Texas, Vermont, and Washington. As it navigates through the states’ complex regulatory requirements, it has opened access to its residents as well.

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