Yahoo! Japan: Cryptocurrency Exchange TaoTao confirmed for launch on May 30th

TaoTao, the Japanese cryptocurrency exchange, of which 40% is owned by Yahoo! Japan’s YJFX, is set to launch its trading services on May 30. The announcement was made on Monday, via the company’s official Twitter account.

Taotao will initially offer transactions in Bitcoin (BTC) and Ethereum (ETH).

The company will also offer margin trading in Litecoin (LTC), Ripple (XRP) and Bitcoin Cash (BCH), in addition to BTC and ETH.

May 30th will close a year-long process since the internet giant closed the 40% equity deal in the exchange, which was called BitARG back in April 2018.

Rumor has it that the company paid 2 billion yen for the stake, amidst increasing interest in the Japanese exchange sector.

The market debut was originally planned in mid-May by Taotao, but was postponed at the last minute without the company stating its motivation for doing so.

The bull run that began in April fueled a surge in popularity among emerging Japanese traders. In the last week, several native platforms reported experiencing three-fold increases in new account openings.

The market, meanwhile, continues to be tightly controlled by regulators following several high profile hacks last year, where Coincheck experienced the biggest loss in terms of losing half a billion dollars.

Anti-Money Laundering (AML) activities will be reviewed by Japan’s Financial Services Agency, ahead of an international inspection by the Financial Action Task Force.

This article was originally sourced from CoinTelegraph.

 


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