Binance Warned To License Or Leave Japan, Yahoo Japan To Launch Own Crypto Exchange

in bitcoin •  last year  (edited)

Japan has been cracking down on their cryptocurrency exchanges lately. Sometimes, this leaves openings for even the oddest of new competitors to move in.

Yahoo 1.jpg

Her anklets look like house-arrest tracking devices.

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.

Yahoo 2.jpg

This was translated via Google, for the record.

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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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.

  ·  last year (edited)

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

Binance is now on top of its game , if they will move from Japan it will be the Japan loss not binance , binance is well establish now , Yahoo is kinda bad in its own IT industry right now and just want to servive somehow , no one know it could be Yahoo best move to adopt cryptocurrency space

It’s going to be hard for yahoo to compete. Binance isn’t going anywhere and is going to remain top exchange imo. Although I’ve heard Yahoo! Japan has a huge internet traffic, I wonder if they’ll come out with a coin similar to the BNB or KCS coins.

哈哈

我也觉得这就是挺可笑的 LOL
我觉得Yahoo开的比特币市场是一个很好的想法。
你住在大陆吗?你用什么方法买比特币用人民币吗?

Thanks for the update, I think Japan is moving a step backwards since they were seen as pioneers among developed states in encouraging blockchain companies. the news related to Yahoo is good, but they might just make the announcement for a stock boost as Kodak and other companies did before.

The crypto world starts the show :)

Binance is in trouble yet, again. It does not look good for the home team. It is my empirical experience, whenever a company is on the ropes as much as Binance has been, it does not end well. I expect a disaster to occur.

Binance is the top exchange. They aren't going anywhere. They have one of the strictest application/acceptance processes for ICOing on their exchange and they don't just hand out the ICO funds. They get paid out as milestones are achieved and in this way, Binance is partnering with the ICO company and supporting them. I don't think there is anything to worry about. They have over 5,000 applications for ICOs. I learned this in January when I attended the blockchain conference sessions at the Consumers Electronics Show (CES).

Cryptocurrency/Blockchain Technology is the FUTURE‼️

Will Binance exchange site is going to shut down soon?????????????

Complimenti per il post 🇮🇹😊

its will be great for crypto world if yahoo entiring crypto.. great news. thanks for let us know

Yahoo getting into the crypto buisness haha feels like a desperate move for the failed company they where sold to Verizon for $5 billion and have been hacked numerous times they will certainly need to toughen up if they're going to become an exchange.

Lets see.....!!!

prety cool post..
thanks for sear///..
keep it up..

why should that be, what there are things how to handle it about it, or something like that will make us happy or change

Very nice, Will be looking forward to your posts. Up-voted: hope you will visit my blog

this is a competition ,,, very reasonable ,,, but also very sad ,,,
I think the license is important ,,, it's very good for him ,,,
currently in google also can do bitcoin mining ,,, I think this is a progress that can not be elected ,,, in the end everyone understood that crypto money is a promising market ,,, :)

Nice post

very informative i like your post

but this move of Japan will definitely make its economy stronger, don't you think?

Binance is good platform for trading..end it's coin BNB is also rocking.. where ever it move...it will make its own way!!

thanks for your news

I read, see and enjoy amazing your innovative post can add knowledge, thank you for sharing.

The good news form this is that I think Yahoo is likely to force the hands of other big tech players. There really isn't that many attractive options for growth in the tech space at the moment. A lot of the AR/VR is miles away and the traditional online advertising model is declining. Cryptocurrency is a realistic growth strategy for these corporations.

Nice post, very useful

like

felicidades excelente su publicación realmente la disfruto

Japan is another ass kisser of USA..

No matter how many licensing methods to be adopted, block chain would be still at a stage par ahead as its based ingredient is to be DE-centralized.

Hmmm

Well if Japan is launching it own crypto via yahoo in Japan, then that's is not a bad idea. That is no different from endorsement. Japan use to top the world market if my memory serves me right.

excellent and fine post..yiou might want to see my market commentaries..thanks..

Yahoo does not have power management power

The best move Binance has ever made! Leave the slacking Japan and go to the crypto progressive Malta!

Interesting post, thanks
@gella

Yahoo probably may have some popularity, but it probably won't stick around for a while with people. Yahoo will need to be better than Binance if it wanted to taste any success at all. For Binance is so, so, like very, very, easy to use to trade and increasing your investments. Binance does not ask for your SSN or other personal info. It is just like a wallet or a twitter account really, but with a lot of security. Love it to pieces. Anyways if Yahoo turns out to be better or remotely close to Binance I wouldn't want to switch to it since you could say I have become one with the Binance.

Ack Ack.jpg

I think that is smart from Yahoo to venture in this kind of investments, they haven't been that good in the last years but if they can be one of the first big companies behind the crypto ecosystem they will do well.

This whole Crypto regulation thing won't last, its just a matter of time until the govenrments and IRS give up on trying to regulate Cryptocurrencies...

Many companies are persuing the Crypto Way and soon Crypto will be part of everyday life the same as Smartphones and money...

Crypto revolution... #crypto-revolution

Oh regulations, here they come

Time and speculation have largely been the two words that have been said more in the past few months. As much as security is an issue in the world outside of cryptocurrency, time is also an issue. Many try to leave the game while some stay, watch and hope for a spike or upward progress. Blockbasis believes that investors need to be on their toes, have as much information as possible from legitimate sources and take every prediction or speculation with a grain of salt. It is important to make an informed judgement and decide accordingly, but be aware that the crypto markets shift fast. At the moment cryptocurrency is perceived as an investment, but in due time, we hope cryptocurrency will be seen as a storage of value and an actual currency for daily spending. This is also why we made it easy to our users to transfer cryptocurrency for free using just an email address

  ·  last year Reveal Comment