TaoTao Disagree with Binance
Following the failure of negotiations between TaoTao and Binance, it is unlikely to enter Japan in 2020.
TaoTao, a crypto-asset trading platform based in Japan, has completed negotiations with Binance and has postponed the launch schedule for trading services for users in Asian countries to exchange cryptocurrency.
A spokesperson for the TaoTao platform said it "cannot reach a strategic agreement with Binance" and after 9 months "decided to end negotiations." Since January 17, Binance has been discussing cooperation with TaoTao platform for crypto asset trading and Z Corporation (formerly Yahoo Japan), a subsidiary of Z Holdings, to enter the Japanese market. A crypto asset trading platform licensed by the country's Financial Services Agency (FSA), while Binance is not.
In January, Binance announced that it would restrict access for Japanese residents. Presumably in response to tougher regulations in Japan. In 2017, Binance left China in 2017 and the company's headquarters moved to Japan, but stayed there for less than a year, moved to Malta.
The move came after the Japanese regulator FSA issued a warning to the exchange in 2018 for operating without a license. In addition, Japan's "Payment Services Law" and "Financial Instruments and Transactions Law" entered into force in the second quarter of 2020, which will change the rules governing cryptocurrency.
Among these regulatory changes, the cryptocurrency exchange BitMEX stopped providing its services to residents of Japan in May. However, after the regulator licensed its Japanese subsidiary Payward Asia to operate as a cryptocurrency exchange service provider, Kraken announced in September that it would return to the country in two years.