TaoTao Inc. refused to cooperate with Binance in JapanTaoTao Inc. officially refused to cooperate with Binance in Japan on September 5, 2020.
“TaoTao Inc. discussed the possibility of strategic cooperation with Binance Holdings Limited in the Japanese market. We decided to stop these negotiations"
Information that Binance is in talks to enter into cooperation with two Japanese companies was published in various media at the beginning of the year and TaoTao Inc. were one of the companies that Binance had high hopes for to enter the Japanese market. Earlier, in Japan, Binance failed to gain a foothold. The Japanese Financial Services Agency (FSA) demanded a license from Binance to continue providing financial services to the country's population.
"Z Corp, a division of Yahoo Japan, and TaoTao will continue discussions with Binance and begin preparations to launch trading services for users in Japan," the post said. "Having licensed Binance's cutting edge technology, Z Corp and TaoTao will work with the Financial Services Agency to ensure full regulatory compliance in the Japanese market."
Binance CEO Changpeng Zhao said at the time: "We look forward to forming a joint initiative with Z Corporation and TaoTao to bring our services to Japan."
TaoTao is a licensed digital asset trading platform and is regulated by the Japan Financial Services Agency. The majority share in the exchange belongs to Yahoo Japan. Z Corporation is part of Z Holdings, Yahoo Japan's own division. The status of Binance's negotiations with this company remains unclear.