Yahoo! Japan Acquires 40% of BitARG to Launch Exchange in 2019
Another Yahoo! Japan Corporation company will be in charge of additional investments to be made from January to March 2019 in preparation for the launch of the exchange in April 2019.
The market has been jittery as the Japanese financial watchdog, Financial Services Agency, is increasingly demanding after having failed to prevent the Coincheck hack in January 2018.
Now, the importance of registration with the FSA has become paramount. Yesterday’s mini-crash on rumors that the FSA would order major exchange Binance to stop operations while awaiting a license is an example of the nervousness in the market.
Zhao Changpeng, founder of Binance, addressed yesterday what he called ‘irresponsible journalism’ as the company immediately called the FSA to find a solution after receiving the warning letter. The firm is in dialogue with the agency.
Following the Coincheck hack, worth $533 million, the FSA has already suspended two exchanges from doing business and fined others, including Coincheck.
YJFX, the retail foreign exchange broker owned by Yahoo! Japan Corporation, will be responsible for the launch of the cryptocurrency exchange.