While Binance may be on the way out, Yahoo is on the way in!

in exchange •  2 years ago  (edited)

Yahoo Japan reported that they will be launching a Cryptocurrency exchange within the next year.

This news comes on the heals of Binance, currently the world's largest exchange, facing regulatory issues in Japan.

Binance did not properly register within Japan in order to provide exchange services to Japanese clients.

This violates Japanese regulations and could force Binance to either comply with these regulations or take their business elsewhere.

However, it sounds like even if Binance is forced to stop doing business in Japan, a brand new exchange is already in the works, and it's being created by Yahoo Japan!

The details from the release can be found here:

https://asia.nikkei.com/Spotlight/Bitcoin-evolution/Yahoo-Japan-to-open-cryptocurrency-exchange

Some specifics:

Yahoo Japan announced today that they will be acquiring a 40% stake in BitARG Exchange Tokyo as soon as next month.

Yahoo Japan will pay about 2 billion yen ($19 million) for a 40% stake in BitARG. The stake will be made up of outstanding shares and newly issued stock.

They also plan to make additional investments in BitARG in early in 2019.

BitARG is already licensed by the Japanese financial regulator, the Financial Services Agency (FSA).

Yahoo Japan will then use the technology gained in the acquisition to launch a full blown exchange in April of 2019.

The Yahoo Japan exchange will be newly built but based on BitARG's system.

The two companies have already reported their capital tie-up plan to the FSA.

Starting next month, Yahoo Japan executives and engineers will be dispatched to BitARG, where they will spend about a year developing the new exchange system. They will also work on a corporate governance structure, a customer management system and internal controls.

(Source: http://www.promedicalwaste.com/medical_waste_boynton_beach/medical_waste_disposal_regulations_boynton_beach.htm)

My thoughts:

This is great news and something we will likely see more of.

Regulated exchanges popping up.

I would not even be surprised if most of the current exchanges either consolidated or were replaced by newer, regulated ones.

The SEC seems pretty serious about exchanges not trading "securities" without the proper registration, which leads me to believe a lot of consolidation is coming in the space.

Which ultimately will be a good thing as it will bring more confidence among investors, to the asset class.

Stay informed my friends.

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https://asia.nikkei.com/Spotlight/Bitcoin-evolution/Yahoo-Japan-to-open-cryptocurrency-exchange

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Thank you for posting @jrcornel.

This is news Steemians can use.....always appreciate how you keep us up to date.

Japan does tend to study with great intensity a new thing and I have come to appreciate their thoroughness.

All the best to you.

Cheers.

YAHOO!

hmm this is an interesting news.. with the crapy execution from yahoo before I actually have very low expectation for them to help the community... hope I will be (happily) proved wrong...

It will be very difficult for Yahoo to compete with the established trading venues like Binance, which have a very loyal client base and solid track record - not to even speak of volumes and coin selections.

These so-called regulated exchanges will be hacked to death! Yahoo has not idea what they're getting themselves into.

They are partnering with an established exchange first, which they will learn from over the next year. I think they will have some idea what they are in for. ;)

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.

How do you think it might good for it's survival?

Because Yahoo kind of has died due to their poor planning and resistence to change. Now they need somethng good and disruptive to get back into the game again. They also made some bad acquisitions in the back which costed them a lot.
If they make a Crypto Exhcange and they run it well then I think most of the people will or would be incline to shift the Yahoo due to their credibility. If they become successful in it then you know the power of Crytpo. What else they can't do? They can do anything from becoming giant in the blockchain world to making thier own blockchain and introducing their own coin.

Great comment. I agree. If the current profitability of crypto exchanges continues, they stand to finally start making some big money again. Good thoughts.

@suf1an I don't agree that Yahoo has 'credibility'. Yahoo is in league with the rest of the cabal ruled internet big boys, collecting and selling personal information and publishing the same scripted trash propaganda and fake news to mislead the public into the cabal's satanic funnel.

On what do you base your position?

Good news ... I think the fud news allowing big boys to fill out their pockets. Regardless of the exchanges or SEC drama, the next Helsinki’s wave will be coming aroundend of May this year !

Yes, that is also when prices really took off last year as well. Looking for a nice early summer rally.

Yep like last summer when I first entered the crypto world and bought on the hype 😚🤣

Hopefully you were able to average down some?!

Yes I did average along the way down . Thanks 😊

❤️👍🏼😍😎

Wow. Yahoo is getting into the Crypto Business? More and more exchanges are opening up every day. This is a beautiful thing. Thanks for sharing.

My thoughts as well. Plus if they are making plans for a year from now, they clearly don't think this was a flash in the pan. Instead they are planning on cryptocurrencies becoming a legitimate asset class.

Yeah, I'm glad that more are popping up, but I'm a little wary of a huge corporate exchange. We'll see how it goes though, we definitely need more exchange options.

What makes you wary of it?

This information is very good, it becomes a lesson for us beginners

Good news! Best wishes.

wow really , thanks for share ,)

Thanks for sharing news

Yeah, I also read about it. On top of that, Google is currently developing blockchain-related technologies. So while everything rapidly flows towards crypto currency exchange and blockchains, it remains to be seen whether they have the reward factor involved in it or not. And if so, how it will fit into their centralized system.

This is great news for Cryptocurrency.

I do love Binance but still feel this competition should be in place so that we get quality services. Yahoo already has a good reputation to challenge binance. Thanks for putting this informative post up tho.

Binance swept me because they were offering 50% referral bonus. It is now 20% probably because there isnt any strong competitor. lol

Agreed. Customers win the more competition there is.

well informative post,,
i follow your all post love it...

World class brand and world class plans. thanks a lot........

Yep, helps adds credibility to the space as well.

very infirmative post...

well post...
thanks for share it...
follow your all post.....

great news i like this thanks for shareing

well information in exchange i like this thanks for shareing

We’re seeing new exchanges popping up everywhere. Yahoo entering the crypto world will definately be good exposure but I’m not sure if an exchange like this would take off. My thoughts are they’re just doing this to stay relevant.

Could be, but hey, it also adds credibility to the space right?

  ·  2 years ago (edited)

good news indeed:) Yahoo is in crypto

Great because this is exactly the way Yahoo find a way back in the industry

Most recently, the FSA issued a formal warning to Hong Kong-based exchange Binance for unlawfully operating in Japan without a license.

Thank you for info

Very interesting. I wonder if Yahoo is going to extend this idea and business venture beyond Japan at some point, or just keep it focused there.

Not sure, I think they sold their main business to Verizon recently, didn't they?

I just verified that indeed, Verizon did buy Yahoo.

What the? Binance better not be on the way out. I've got some BNB that needs to go up and this doesn't sound like good news.

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Consolidation brings in the real money, who favors centralization. Decentralized exchanges are losing the fight at this time, and that's a trend I expect will continue and accelerate (centralization of a decentralized ecosystem, that is).

What happens when decentralized exchanges start popping up?

It all depends on the awareness and intelligence of the general public. I will let history lend insight to that, but it's very clear that the world governments do not like decentralized exchanges. Just look at how the US treated Ross Ulbricht.

That said, I hope decentralized exchanges win out the day and truly challenge the status quo.

Well they should have done their homework before (Binance) !

while it will be huge as Yahoo will get to be one of the giant entering in out here ,would sure add value to the crypto world !

  ·  2 years ago (edited)

Agreed. They really don't have any reason to be upset or surprised by possible action from the Japanese Regulators. Japan has had these requirements in place for some time now. Binance chose not to follow them.

As for now they are paying the price !

followw me

Haha :-) that's funny! One person's loss is another one's opportunity! Upvoted! Thanks for the news!

Such a big company involved in crypto is awsome for the general contxt, but Binance must be feeling really bad, because they have a lot of troubles ahead, it will all depend on Japanese government, whether they will protect their 16 operators in the market and kick Binance out, or they give them a licence for a lot of money!

I really like the work of Japanese yahoo .. let alone yahoo japan plan like this .. I really agree ..👍👍👍

@jrcornel Damm how did u get so many followers? =) Regular content?

"However, it sounds like even if Binance is forced to stop doing business in Japan, a brand new exchange is already in the works, and it's being created by Yahoo Japan!"

Yes ! I agree with you. There shouldn't be chance for emptiness. Because many will find it hard. Thanks for sharing