Yahoo Japan building crypto exchange: report

Posted: 23 March 2018 12:54 pm
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The exchange is already registered with Japan’s Financial Services Agency (FSA) and will launch in 2019.

Yahoo Japan will reportedly purchase a 40% stake in BitARG Exchange Tokyo next month, via a subsidiary, in order to take advantage of the company’s technology and construct its own cryptocurrency exchange.

Nikkei Asian Review reports that Yahoo Japan plans to launch the exchange in April 2019 or soon thereafter.

Yahoo Japan will make additional investments in BitARG’s platform early next year. The exchange is registered with Japan’s Financial Services Agency (FSA). The regulatory body has reportedly been made aware of the deal.

YJFX, a wholly owned foreign exchange services subsidiary of Yahoo, will be used to purchase the shares in BitARG. The 40% stake will cost the Japanese internet company approximately 2 billion yen (US$19 million). The YJFX team will work on corporate governance, customer management and internal controls.

The world’s largest cryptocurrency exchange, Binance, received a formal warning from Japan’s FSA, highlighting the fact that it is has not officially registered with the financial supervisory administration.

Earlier this week, Binance chief executive Zhao Changpeng took to Twitter to refute claims that the exchange would be shut down in Japan, explaining that the company was in discussion with the regulatory organization.

However, on Friday, Changpeng said that Binance received a letter from the FSA but vowed to “find a solution”.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

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