Binance Warned To License Or Leave Japan, Yahoo Japan To Launch Own Crypto Exchange
Japan has been cracking down on their cryptocurrency exchanges lately. Sometimes, this leaves openings for even the oddest of new competitors to move in.
Only a day ago, Japan's financial regulatory body, the Financial Services Agency (or FSA) cracked down on one of the top cryptocurrency exchanges, Binance (headquartered in Hong Kong), declaring that they must either license properly as a financial operator or cease operations in Japan.
If Binance has responded publicly, that comment was not yet picked up or reported in the news. My guess is they will follow the licensing procedure to remain a legitimate operator, assuming the FSA has some ability to crackdown on their operation. Otherwise, this request by the FSA may go ignored.
However, there is one party who may not be ignoring these events, although you probably would not have guessed it if not for the title of this article - Yahoo. Oddly enough, they have decided they want to get into the cryptocurrency exchange-game as well. Specifically, Yahoo Japan intends to launch their own cryptocurrency exchange in the near future.
I'm not sure if it's a good sign, or a bad sign, when the competition that is trying to move in on your territory is Yahoo. Yahoo is buying a 40% stake in the "BitArg Exchange Tokyo" exchange, an outfit I'm not too familiar with. It is, however, one of the 16 properly licensed exchanges to operate in Japan so one could reasonably expect a smooth launch from Yahoo's exchange, which they plan to launch using BitArg's software but not as part of their operational exchange.
Either way, Yahoo is making the likely-good decision to effectively license their exchange technology, rather than attempt to build it from the ground up.
Whatever happens, I'll say good luck to Yahoo, as more exchange choice can only be good, and Yahoo would actually qualify as a pretty reputable company to be operating an exchange. Marissa won't be around to screw things up this time, so perhaps they'll pull this off!
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Sources: Google, CNN, Yahoo, ZH, CoinTelegraph
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It’s amazing how everyone keeps saying crypto is a scam, but those with money keep entering the space.
I guess it's a good thing for those that still have money to buy. There remains upside as long as there are non-beleivers.
I think people are dumping the market to even buy with a heavy rush in late 2018.
Its like the same curves in 2017/16/15/14/13.
And the BTC dominance will lead eventually to a big token purchase.
Time will tell
don't be fooled
yes, very good point!
Gov says: get out, and next 5 mins allow a big company to launch same type of business.....
They don’t want the small fish in the game.
exactly - on point :)
Maybe these with money pay them to say its a scam so they can buy at a cheap price and sell higher when media says for a while that it isn't a scam and everybody starts buying...again...at a higher price. It all goes round and round. Ideal would be to buy when everybody call crypto a scam and sell when everybody is confident.
I felt like Yahoo was mining POW as soon as 2 years ago (in 2016).
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If Yahoo is entering in the crypto space then it is going to be a really big news. It could also be good for Yahoo for its survival.
Yes,Binance is the best in the space but you know there is always room for the growth and competition. Binanace you don't go now lol
Which coins are good to buy in binance exchange?
BNB is very good, Binance will use BNB as gas for their future decentralized exchange.
Having suffered a lot of negative publicity when mt gox went down it’s hardly surprising that Japanese regulators are being cautious.
which coins r good to buy in binance exchange at this moment?
The same coins that are good to buy elsewhere! Do your research!
if yahoo makes and entry the it will surely dominate
I doubt it, crypto exchange is such a competitive field. I don't think it can ever compete with Binance.
I agree with you to some extent that it is competitive, and with passage of time it is getting more competitive
Binance is a bit shady - they would have known for a year that the Japanese required you to be licenced before enrolling Japanese customers.
Bitcoin has died 249 times so far... ,Don't trade the HEADLINES
lol - true
As we all know, Binance is one of the top crypto trading platforms, ( if not THE top). Not following the rules in Japan will cost them to loos this market, which will drive the BNB to go down ( as there are huge number of traders on Binance are from Japan). then it will create kind of fear which will lead other traders to sell BNB. Therefore, i dont see Binance will drop this market share and hand it over to YAHOO easily.
If Yahoo enters the market, then the competition will be tough as they are new in the space and will take them time to get to the same level of other trading platforms.
Lets wait and see. as long as we dont lose money lol.
Hey @lexiconical,
I think this is a bit silly, no? I'm of the opinion that decentralized exchanges via smart-contract are the future, so what would we even really need a big multinational to get in on the game at this stage?
I share the opinion of some that this probably won't pose a threat for an exchange like Binance, unless Yahoo just became like a crypto-ecosystem and starting changing the game in terms of how easy and painless it is to use btc for various miscellaneous internet applications.
But why Bitcoin then?
What's Yahoo figured out that other's haven't, eh?
By the way thanks for the smartsteem link man am loving the whole idea! Hope to chat soon man (I need to get my damn Discord re-activated, I got "banned" and never received an explanation why) xx
" I'm of the opinion that decentralized exchanges via smart-contract are the future, so what would we even really need a big multinational to get in on the game at this stage?"
People are not embracing the advantages of these as much as they should be, in light of things like Gox. People often to not value security until they have already paid the price.
Lexiiii
You're right but just because it's not optimal doesn't mean it's not also the future... The fact that they allow people to skirt KYC and AML in a very clever wallet to wallet way without any intermediary holding funds means it's only a matter of time until enough people have gotten burned that they will be looking for alternatives...
Such exchanges just naturally complement the actual function of cryptocurrency in the whole decentralized peer-to-peer aspect originally outlined in the btc white paper. Sure, there are lots of people who still don't understand cryptocurrency, and who just want to buy from a big exchange because they like the idea of diversifying some of their assets.
Ultimately though, the people who drive real markets are the peer-to-peer grassroots economy... Yahoo can try to make a market but I think unless they have some huge unannounced plan, I can't see it really doing much
Crypto-exchanges have been so fun and exciting to use and perhaps capitalize on for sure. With the move to Malta, I've heard some interesting rumors about what could be next for Binance including direct Fiat-To-Crypto trading...COOL! It's quite intriguing to hear about Yahoo's entrance into the CryptoVerse. They have been around for a while, have been kind of defunct with less users for their messaging and emails...and probably have just been itching to get in the Crypto game. This could mean some big things for many of the tokens and ICOs that we see building over the past year. Nice article. -Respect