TaoTao - new Japanese Exchange will launch it's trading on May 30

[Baofeng]

https://twitter.com/taotao_ex/status/1132842984158838794



I used Google translate.
Please take note that this is the exchanges in which Yahoo Japan (YJFX) owned 40%. I guess they really wanted to take advantage of the current bull run that's why they needed to launch it this month. But I guess the question is security as there are major Japanese exchanges breaches in the past.

[1714707567]

1714707567

[Slow death]

it's true that many exchanges have been hacked, but the Japanese government has at least been heavily involved in the exchanges, so things like lack of support response for months are things I doubt the Japanese face. Imagine if an exchange like yobit would be based in Japan? I think they would not survive for a week.

[Kemarit]

it's true that many exchanges have been hacked, but the Japanese government has at least been heavily involved in the exchanges, so things like lack of support response for months are things I doubt the Japanese face. Imagine if an exchange like yobit would be based in Japan? I think they would not survive for a week.

Here's one example how Japanese are going after those hackers now, Japan to Hold First Ever Trial Over Crypto Hacking Losses. So yes, FSA are really on top of their game and those exchanges really need to pass specially the security governance. And I think the Coincheck hack really is an eye opener for them, that's why they have at least slow down approving exchanges unless they thoroughly inspects and see that everything is in the proper order.

[BitHodler]

And I think the Coincheck hack really is an eye opener for them, that's why they have at least slow down approving exchanges unless they thoroughly inspects and see that everything is in the proper order.

Japan has become way harsher with its regulations than necessary, which is a good thing on one hand, because we know how too many unregulated shitcoin exchanges only lead to more scams and losses.

On the other hand, it really looks like their partly 'self regulating' system helps the main exchanges in the country to exercise control over what exchanges to approve and what exchanges to reject.

I still find it odd that Binance chose to leave Japan instead of registering itself there. Is Binance too much of a threat and for that reason not granted a registration, or is there something else?

[joniboini]

Is Binance too much of a threat and for that reason not granted a registration, or is there something else?

Binance probably needs more freedom where they can do whatever idea that they have in mind without the needs to request government approval, like IEO for example. Their IEO cause a lot of hype (and ruckus). Last time, they changed the IEO price of tokens to be way lower than the private sale price, which would definitely increase the risk exposure for their early investors. I doubt any government bodies would allow crazy ideas to happens as it can cause an unexpected loss for some investors.

I don't think Binance is going to be friendly with government either, because they just released their DEX and I believe that will be the key future of Binance. Even though it's 'decentralized', they can take profits from that. Just my 2 cents.

[1Referee]

I still find it odd that Binance chose to leave Japan instead of registering itself there. Is Binance too much of a threat and for that reason not granted a registration, or is there something else?

Taxation is harsh in Japan, which is very likely the main reason they didn't consider it a worthwhile investment. Obtaining the right licenses and whatnot costs millions and requires you to go through a lengthy legal process. CZ cares too much about his net profits, therefore only settles in jurisdictions where his profit margins are not being threatened by greedy governments.

Japanese exchanges aren't generating that much in volume, so if the above is indeed the reason, then it doesn't surprise me at all. Japan is not a trader friendly environment. Taxation in Japan is similar to theft with such insane rates.

[Kemarit]

And I think the Coincheck hack really is an eye opener for them, that's why they have at least slow down approving exchanges unless they thoroughly inspects and see that everything is in the proper order.

I still find it odd that Binance chose to leave Japan instead of registering itself there. Is Binance too much of a threat and for that reason not granted a registration, or is there something else?

As far as I can remember, CZ sent his legal team to talk to Japanese regulators. And it seems that they didn't really get quite a long as there might be a lot of things that CZ doesn't want and FSA could have threaten them with criminal charges if they chooses to against the heavy regulations. I would assume that high taxation could be one of the money issues involved as well and that's why they just decided to leave Japan and went to Malta. And perhaps its a blessing in disguise as Malta that time has started to open it's door and be a safe haven for everything related to crypto.

[BitHodler]

From what I have read, taxation and freedom to operate an IEO scheme is what really stands out, and it makes perfect sense. They're very aggressive in their way of operating, which is quite interesting actually.

It wouldn't surprise me if Binance is trying to accumulate as much profit as possible before governments really starts cracking down on them, and they slowly might convert BNB to BTC to lock in the profits for ever.

BNB could become worthless would governments actively chase after them, but BTC not, so another thing that makes sense here. Overall, it's a great exchange but also somewhat of a ticking time bomb.

[CryptoBry]

it's true that many exchanges have been hacked, but the Japanese government has at least been heavily involved in the exchanges, so things like lack of support response for months are things I doubt the Japanese face. Imagine if an exchange like yobit would be based in Japan? I think they would not survive for a week.

Here's one example how Japanese are going after those hackers now, Japan to Hold First Ever Trial Over Crypto Hacking Losses. So yes, FSA are really on top of their game and those exchanges really need to pass specially the security governance. And I think the Coincheck hack really is an eye opener for them, that's why they have at least slow down approving exchanges unless they thoroughly inspects and see that everything is in the proper order.

Good to see how the government of Japan has been implementing laws that can help protect the interest of the consumers or the investors and traders in this case by making sure that only credible cryptocurrency exchanges are allowed to operate. With Taotao I am sure they can capture a good size of this huge Japanese market. Going after hackers is quite a surprise for me but why not...? That seems the right thing to do so that fraudsters can son go to jail for crimes committed.

[akela04]

it's true that many exchanges have been hacked, but the Japanese government has at least been heavily involved in the exchanges, so things like lack of support response for months are things I doubt the Japanese face. Imagine if an exchange like yobit would be based in Japan? I think they would not survive for a week.

Here's one example how Japanese are going after those hackers now, Japan to Hold First Ever Trial Over Crypto Hacking Losses. So yes, FSA are really on top of their game and those exchanges really need to pass specially the security governance. And I think the Coincheck hack really is an eye opener for them, that's why they have at least slow down approving exchanges unless they thoroughly inspects and see that everything is in the proper order.

Good to see how the government of Japan has been implementing laws that can help protect the interest of the consumers or the investors and traders in this case by making sure that only credible cryptocurrency exchanges are allowed to operate. With Taotao I am sure they can capture a good size of this huge Japanese market. Going after hackers is quite a surprise for me but why not...? That seems the right thing to do so that fraudsters can son go to jail for crimes committed.

Agree with you! The case of Coincheck which which occurred in 2018 became one of the most significant in the history of cryptocurrencies. This incident forced regulators to concentrate more on safety issues in this sector. Therefore, Taotao one of the exchanges that complies with all the rules of regulation in this country, including the newest ones.

[Baofeng]

Coincheck incident was indeed eye-opener for Japanese regulators, and they really step up on that case and proved that they're really love crypto but at the same time, they are very firm. I'm sure that Taotao, before giving them approval to enter the crypto space was given a check list so they know what they need to do in order to get approval, so it's a win-win situation for everyone here.