BitArg is a legalized cryptocurrency exchange in Japan. Recent rumors were that the exchange would be sold to Yahoo Japan, and it would start its operations in April 2019. But, the exchange today has denied the acquisition news. BitArg is only confirming that they are "Studying Various Possibilities". Let's look into this latest rumored acquisition going wrong.
BitArg Exchange
BitArg is one of the very few exchanges that has been legalized by the Japanese government. The license was granted by the country's Financial Service Agency (FSA) and it was given only for Bitcoin. According to the Virtual Currency Act, only Bitcoin and Ethereum are legal payment methods in Japan.
BitArg has not yet started their operations, even after approval from the FSA. The company is just getting started and preparing for its launch, and they said that they will inform the customers if they decide on a launch date. There is not even a trading API in place on BitArg's website.
News on Yahoo Japan Acquisition
Nikkei Asian Review reported that Yahoo Japan will acquire a 40% stake in BitArg. It was also reported that the shares would be bought through its subsidiary YJFX (Its Forex arm). 2 billion yen needs to be invested for a 40% stake in the exchange. The news further mentioned that the new exchange would start its operation in April 2019.
Notably, the tie-up would be a big deal for cryptocurrency space, since other social media platforms like Google, Facebook and Twitter are banning cryptocurrency advertisements on their pages. So, this was surprising news for many who watch the crypto space closely.
BitArg denies Yahoo Acquisition
BitArg came out with a statement today, refusing this news saying that:
"Based on the recent developments in the virtual currency industry, we are studying various possibilities, including investments and partnerships with other companies, in order to further strengthen our system and management, but we have not made any decisions at present."
BitArg refuted the report from Nikkei and said that they are not selling the 40% stake to Yahoo Japan.
Space Filled with False News
The above acquisition rumor and denial is not new in crypto space. Many a time news breaks out and crypto enthusiasts and investors get excited, which helps to artificially boost market prices. Later, after it is proven that the news is false, the market starts to fall apart. One needs to read authentic news from reliable news media to stay well-informed with honest news content. Cryptocurrency media outlets often try to deliver the news first, without checking for the authenticity of the news.
Posted from my blog with SteemPress : https://cryptocoremedia.com/bitarg-denies-yahoo-acquistion/