íàçâàíèå

Japan Exchange Bitarg Denies Yahoo Acquisition Press Reports


Media outlets are touting what would amount to a major shake-up of cryptocurrency exchanges, Bitarg Exchange selling off a little less than half its business to Yahoo Japan. Reports even detailed how Yahoo Japan (YJFX) would then launch still another exchange built on Bitarg’s system by spring of next year. As of March 23, Bitarg is vigorously denying press accounts, insisting they were instead “studying various possibilities.”

Also read: Bitcoiners Demand More Crypto CFDs and Spread-Betting in the UK


Bitarg Denies Yahoo Japan Rumors

A Bitarg statement with the salutation ??????????????? ????? ? ??, google translated as, “Bit-Argo Exchange Co., Ltd. Tokyo Representative Director Yoon Hee Yuan,” came after rumors of a done deal surfaced between the exchange and Yahoo Japan, according to an unsigned Nikkei Asian Review article.

The Nikkei headline and subtitle read, “Yahoo Japan to open cryptocurrency exchange; First step to be taken next month — tie-up with Bitarg Exchange Tokyo.” The online post insists, “The two companies have reported their capital tie-up plan to the FSA [(Financial Services Agency)].”

It goes on to detail how “Yahoo Japan next month will acquire 40% of operator Bitarg Exchange Tokyo, then launch a full-blown exchange in April 2019 or later. The Yahoo Japan exchange will be newly built but based on Bitarg’s system. Yahoo Japan will make additional investments in Bitarg, which is registered with the Financial Services Agency, early in 2019,” calling such moves “a realignment in the cryptocurrency exchange business.”


A Tantalizing Head Scratcher

For its part, Bitarg called out the Nikkei post in particular, as it “reported that our company accepted the investment from Weijay FX Corporation (100% subsidiary of Yahoo Japan Corporation) and will make a capital alliance, but this case it is not what we announced. Based on the recent environmental changes surrounding the virtual currency industry, we are studying various possibilities, including capital and business tie-ups with other companies, in order to further strengthen the system and management, […],” google translate clunkily phrased. “There is nothing we did. We will respond promptly when deciding the facts to be announced in the future,” Ms. Yuan urged.

Japan Exchange Bitarg Denies Yahoo Acquisition Press Reports

Still, the article is a tantalizing read, filled with specifics, including how the purchase of Bitarg shares “will be made through Tokyo’s YJFX, a wholly owned Yahoo subsidiary that operates foreign exchange transaction services,” and “YJFX will pay about 2 billion yen ($19 million) for a 40% stake in Bitarg. The stake will be made up of outstanding shares and newly issued stock.”

The report also noted more investments will be made through yet another YJFX subsidiary during early next year, and that as soon as April of this year Yahoo Japan big wigs will spend “about a year” at Bitarg working on the new exchange configuration, internal controls, customer management, and corporate governance, … leaving outside observers scratching their heads.

Do you think they’ll merge? Let us know in the comments!


At news.Bitcoin.com we do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

23.03.2018 / 23:29 64
Yahoo Japan to Launch Cryptocurrency Exchange in April 2019 Yahoo Japan to Launch Cryptocurrency
Yahoo Japan is reportedly gearing up to launch a cryptocurrency exchange, according to a report from the Nikkei Asian Review. According to the
Yahoo! Japan to Launch Cryptocurrency Exchange in 2019 Yahoo! Japan to Launch Cryptocurrency
Yahoo! Japan Corporation, a subsidiary of Yahoo! and SoftBank Group, is entering the cryptocurrency industry by launching an exchange in April 2019,
Yahoo Japan is Launching a Cryptocurrency Exchange: Local Report Yahoo Japan is Launching a
Yahoo Japan is preparing to launch a cryptocurrency exchange, regional media sources say. Nikkei Asian Review reported on Friday that the tech firm —
Cryptocurrency Exchange Binance Denies Regulatory Trouble in Japan Cryptocurrency Exchange Binance Denies
A recent report from Nikkei suggests that Japan’s Financial Services Agency (JFSA) will issue a formal warning to cryptocurrency exchange Binance,
Japan: Registered Crypto Exchanges Join Forces To Self-Regulate Local Market Japan: Registered Crypto Exchanges Join
Two trade groups representing Japans 16 registered crypto exchanges will form a self-regulatory body for the countrys crypto sphere starting in
Comments (0)
Add a comment
Comment on