Cryptocurrency exchange Gate.io exits Japanese market
Cryptocurrency exchange Gate.io has announced the completion of its operations in Japan, which includes the closure of registration for new accounts for Japanese users and the gradual termination of services for existing clients. The company emphasized that they will assist Japanese traders in transferring their crypto assets to other platforms that comply with local laws to guarantee the safety of user funds. Additionally, support for the Japanese language will be removed from the platform.
In a statement, Gate.io stated that the decision is related to the need to comply with financial rules in each region where the exchange operates. These measures have become particularly relevant in light of changes introduced by Japanese authorities in 2020, when requirements for cryptocurrency exchanges were tightened. New amendments to the Payment Services Act and the Financial Instruments and Exchange Act include stricter security measures, mandatory separation of client and corporate funds, and enhanced anti-money laundering requirements and Know Your Customer (KYC) procedures.
Gate.io has faced similar challenges in the past. In May 2024, the exchange suspended its operations in Hong Kong, withdrawing its application for a license from the Hong Kong Securities and Futures Commission (SFC). These steps were taken to comply with new licensing requirements in the region.
The closure of operations in Japan highlights the growing demands for compliance and adaptation to new regulatory standards in the cryptocurrency industry. Gate.io will continue to support its users, facilitating their transition to other platforms and ensuring the security of their assets.
