After more than one year in development, Taotao -the new crypto exchange platform, in which Yahoo Japan owns a significant stake, is about to launch.
Taotao launching its trading service tomorrow
The new platform and crypto exchange, Taotao, is going to launch its trading service on the 30th of May, according to some reports from Monday. The exchange is 40% owned by the YJFX of the internet giant Yahoo Japan is initially going to offer to trade in BTC and ETH.
The new platform posted a tweet on Sunday in which it wrote that it is going to go live on Thursday, the 30th of May, at midday local time. According to the website of Taotao, the exchange is going to offer a mobile app together with its online platform and is going to offer in Bitcoin or BTC, as well as Ether or ETH at launch.
The firm is also going to be making leverage available for the interested traders, with about three more cryptocurrencies added to the available options. So, margin trading is going to be available in Ripple or XRP, Litecoin or LTC, and Bitcoin Cash of BCH.
The start date will also bring to a close a year-long process since Yahoo Japan has closed the 40% deal in the exchange, the called BitARG, during April of last year. The company even paid a rumored 2 billion yen for the stake, which actually comes amid increasing interest in the exchange sector of Japan.
The Financial Services Agency or FSA regulates Taotao
Taotao had also planned a market debut in the middle of May, but it postponed the move at the last minute without stating its motivation. The ongoing crypto bull market which started in April has fueled a surge in popularity among the traders in Japan. Last week, a few domestic platforms reported up to a threefold increase in new account openings.
In the meantime, the regulators continue to tightly control the market, following a few highly-publicized hacks last year, the largest of which saw some losses above half a billion dollars from Coincheck.
Taotao is actually regulated as a virtual currency exchange business under the Financial Services Agency of Japan, which has its website proudly display the registration number 00001.
The early registration comes via the previous iteration licensed by FSA of the exchange, the BitARG exchange, in which Yahoo Japan purchased a 40% stake during March 2018. It has been reported that Yahoo Japan had taken the stake with the purpose to develop a new exchange platform with the use of the technology of BitARG.
Reviewing the AML activities of exchanges
The website of Taotao indicated that the internet giant does indeed hold 40% of the entity, via its entirely owned subsidiary Z Corporation, with CMD Lab Inc, holding the remaining 60%. The website even offered users easy registration or sign in via account in Yahoo.
FSA also announced that it is going to review the Anti-Money Laundering of AML activities of the exchanges ahead of an international inspection by the Financial Action Task Force.
Within the international exchange sector, the market heavyweight Binance, which has also been hacked in recent times, further hinted it is soon going to launch margin trading as part of the considerable update.