Copy link
Increase text size
Decrease text size
Link copied

Crypto exchange Binance unlikely to expand to Japan after shutting down South Korean operations

Binance CEO says it is unlikely to expand in Japan.

Tokyo, Japan / Image by David Mark from Pixabay

Mon, 28 Dec 2020, 15:35 pm UTC

Crypto exchange Binance hints that it might not be expanding its operations to the Japanese market. This comes shortly after the cryptocurrency platform announced the closure of its South Korean operations due to low usage.

It appears that Binance might no longer be opening its Japenese branch anytime soon. This was revealed by the crypto exchange’s CEO and founder Changpeng “CZ” Zhao who recently described the possibility of launching its platform in Tokyo as “unlikely,” according to Cryptonews.com.

CZ made his comments during a Q&A session with Coin Post, a Japanese outlet. While the Binance CEO stopped short of completely ruling out the possibility of launching a Japanese branch, he pointed out the difficulty of such a move saying that East Asian markets, such as Japan and South Korea, are hard to crack.

Binance previously announced its planned re-entry into the Japanese market as it entered into a strategic partnership discussion with Taotao operator Z Holdings Corporation. However, both firms failed to reach an agreement and decided to end their negotiations that lasted for 10 months.

“As announced on January 17, 2020, we have been discussing the issue of strategic partnership in the Japanese market, but we have decided to end negotiations,” Taotao announced.

Binance also announced last week that it will be closing its operations in South Korea. The crypto exchange explained that the reason for the closure is due to low trading volume and usage even after the platform operated for eight months in the country, according to Coindesk.

The crypto exchange said that the low trading volumes resulted in liquidity issues making it more challenging to operate in South Korea. Previously, the South Korean branch relied on its parent firm for liquidity requirements but that option will no longer be available once the law prohibiting order book sharing takes into effect in March 2021.

Binance’s South Korean platform is no longer accepting deposits and new registrations since December 24, 2020. Users will still be able to withdraw crypto funds and fiat currencies until January 29, 2021.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • cobyraviv
  • 2021.01.07 03:27:50
It very painful when I see people complaining of getting their investments lost when investing in binary option trading, the purpose of investing is to gain profit but it become painful when you lose your investment, I know how it feels like, when you lose your funds while trying to make profits but I was able to get back all my funds through a recovery Specialist and with her trading experience and recovery Expertise i was able to to get back my lost funds and made a lot more profits while investing, if you ever lost hope on Binary investment or you lost your funds while investment it only Best you Contact her today via email on [email protected] Org or whatsapp on +14253121045
  • 0
  • ·
  • 0
  • Moses
  • 2021.01.02 20:16:49
I am a crypto currency trader and i make over 200% daily trading all day and night and also by passing even when market is down and others are resting , If you are interested, I can teach you how to trade and also help you achieve your goal in life with crypto i can turn 4 btc into $340,000.00 in less than four weeks, now that bitcoin has high prices...please note that crypto currency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins , bitcoin can also be traded for Ethereum, Litecoin, United States Dollar, Ripple, Euro, IOTA, and other stocks you need to put to trading on a daily basis with a very correct strategy and a target of profit as you get into the trading market with your capital. Also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft