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Crypto Corner: Yahoo Japan to Open Exchange, Binance is Warned and G20 Talk Crypto in Argentina

 

Point Roberts, WA and Delta, BC - March 23, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner.

Crypto Corner - March 23, 2018

By Samuel Mowers at Investorideas.com

Yahoo Japan to Open Exchange, Binance is Warned and G20 Talk Crypto in Argentina

Yahoo Japan has plans to launch its own cryptocurrency exchange, according to a recent report in Nikkei Asian Review. Yahoo Japan will begin next month by acquiring 40 percent of BitARG Exchange Tokyo and build from there.

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

Yahoo Japan will make additional investments in BitARG, which is registered with the Financial Services Agency, early in 2019.

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

The purchase of BitARG shares will be made through Tokyo's YJFX, a wholly owned Yahoo subsidiary that operates foreign exchange transaction services. YJFX 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."

Despite confusion yesterday, it turns out that cryptocurrency exchange giant Binance has in fact been issued a formal warning from Japan's Financial Services Agency (FSA). The warning, which took the form of a letter to Binance CEO Changpeng Zhao, pertains to the fact that the Hong Kong-based exchange has been operating in Japan without a license.

Zhao confirmed his receipt of the letter in a tweet:

"We received a simple letter from JFSA about an hour ago. Our lawyers called JFSA immediately, and will find a solution. Protecting user interests is our top priority."

Zhao has also revealed plans to open a Binance office in Malta in a piece for Bloomberg today.

The company, founded last year in Hong Kong, is planning to open an office in Malta, Chief Executive Officer Zhao Changpeng said in an interview. Binance will soon start a "fiat-to-crypto exchange" on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals, he said, without providing a timeframe.

"We are very confident we can announce a banking partnership there soon," Zhao said. "Malta is very progressive when it comes to crypto and fintech."

Brazilian outlet Criptomoedas Fácil reports that French minister of finance, Bruno Le Maire, has been vocal about the significance of cryptocurrencies at the G20 summit in Buenos Aires, Argentina. Le Maire claimed that Europe will lead the process of regulation in the international community.

Rough translation:

"We need to find solutions because these [cryptoassets] can be used for different illicit acts, however, we strongly believe that this technology in the financial market is something very positive for all countries. But for that, we have to have regulation and Europe will lead this process."

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