Major crypto exchange Binance is looking to work with partners to offer a fully-compliant service in Japan.
Following yesterday’s news that Binance is to stop offering its exchange services to Japanese residents at an unspecified future date, the company has confirmed it has entered negotiations with Z Corporation (a subsidiary of Z Holdings Corp. – the Softbank subsidiary formerly known as Yahoo Japan Inc.), and TaoTao, a cryptocurrency exchange licensed in Japan.
Though specific details have not yet been revealed, it is understood that Binance is looking to partner with the firms with a view to launching fully-compliant trading services for Japanese residents.
The changes come as the Japanese Financial Services Agency (FSA) is tightening cryptocurrency regulations, including halving the permitted leverage rate limit on crypto margin trading, and introducing revised versions of the Payment Services Act and Financial Instruments and Exchange Act in April.
