Crypto exchange Binance has experienced a setback in its bid to return to the Japanese market – after the licensed, Yahoo Japan-backed crypto exchange Taotao said that it had “ended negotiations” with the major trading platform over a proposed return to the Japanese market.
The news comes almost 10 months after Binance claimed it was “preparing to launch trading services for users in Japan” by beginning a ”strategic partnership discussion” with Taotao operator Z Corporation and the holding company Z Holdings Corporation.
The Z Corporation operates Yahoo Japan, Japan’s leading search engine, and is backed by SoftBank, which owns a 48% stake in Yahoo Japan. Yahoo Japan owns a 40% stake in TaoTao, which was formerly known as BitARG.
In a tersely worded official release, TaoTao stated that the company “has been negotiating with Binance regarding a strategic alliance in the Japanese market, but has now ended these negotiations.”
The firm added,
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