Binance has started conversations to sign a new partnership with Z Corporation, a subsidiary of Yahoo Japan. In addition to it, TaoTao is also working with Binance for a strategic agreement to expand in the Japanese market. This is according to a blog post recently released by Binance.
Binance Expands In Japan
According to a recent blog post released by the cryptocurrency exchange, Z Corporation, a wholly-owned subsidiary of Z Holdings Corporation and TaoTao Inc. started to discuss a possible strategic partnership with Binance. The main goal is to expand the solutions of the exchange in the Japanese market.
TaoTao is a recognized and licensed cryptocurrency exchange and a portfolio company of Z Corp. It is worth mentioning that in Japan, regulators have created very clear rules for crypto exchanges and companies to operate. This happened after different cases of crypto exchanges being hacked by third parties.
Z Corp, which is a subsidiary of Yahoo Japan, will be discussing with both TaoTao and Binance on how to launch trading services for users in the country. The main goal is to have full regulatory compliance in the country.
Many other nations around the world have already implemented regulatory and legal frameworks for crypto companies to follow. Digital currency exchanges have been affected by attacks and hackers that wanted to steal users’ funds. In Japan, the cryptocurrency exchange Coincheck lost over $500 million in NEM (XEM) coins in early 2018.
The official blog post released by Binance explains that these three companies will be working side by side to reach regulatory compliance in the Japanese market.
On the matter, the blog post reads as follows:
“Through licensing Binance’s cutting-edge technologies, Z Corp and TaoTao will collaborate with the Financial Service Agency to ensure full regulatory compliance in the Japanese market.”
Binance Coin Burn
A few days ago, we released an article explaining Binance completed its 10th quarterly burn of Binance Coin (BNB) tokens. The exchange as able to burn 2,216,888 BNB, which is the equivalent to 38.8 million USD worth of tokens.
This was equal to about $38.8 million, allowing BNB enthusiasts to know there are fewer BNB in the market. The recent BNB burn represented 1.11% of the total Binance Coin supply in the world. In the future, new coin burns are expected to take place in the market, allowing the BNB supply to be reduced even further.