After Negotiation Fails with Binance, Crypto Exchange Tao Tao is Acquired By Japanese Financial Giant SBI

October 8, 2020 2:40 PM UTC

Just 2 days after TaoTao, a crypto exchange based in Japan, ended negotiations with Binance, a financial services group SBI Holdings has acquired the Japanese exchange without disclosing an amount.

On October 7, TaoTao officially breaks the news that SBI has acquired 100% of shares, and the exchange would serve as a subsidiary of SBI Liquidity Market. TaoTao introduced its crypto trading service in 2019; internet giant Yahoo Japan formerly owned 40% of shares.

While responding about TaoTao’s acquisition, SBI said it would support the firm further to grow the crypto business. “We will make maximum use of…the customer base and service know-how of the crypto assets that TaoTao has cultivated so far,” said SBI.

Tao Tao Ended Negotiations with Binance

Binance had intended to expand its platform in Japan through TaoTao, which is an authorized cryptocurrency exchange. Following nine months of talks proposing to build a joint crypto exchange venture in Japan, TaoTao suddenly deserted the alliance on October 5. 

A spokesperson from Binance said:

“After careful examination of our negotiations with TaoTao Inc., we decided not to further pursue our efforts for the alliance…Binance is committed to exploring other avenues of growth for the region in a compliant manner.”

Binance was previously headquartered in Japan but remained not exactly a year before moving its offices to Malta. The giant cryptocurrency exchange declared in January it would be confining access for Japanese residents at an anonymous date, purportedly in light of an expanding number of crypto regulatory restrictions in the country.

 

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