Gate.io Services Termination in Japan Announcement:
Gate.io has officially announced the termination of all its services in Japan, with the suspension of new account openings for Japanese residents starting on July 22. The exchange emphasized its commitment to compliance with financial regulations in all regions where it operates and expressed regret over the decision to withdraw services from Japan.
Transition Plan for Customers:
As part of the transition process, Gate.io has suspended the opening of new accounts for users in Japan and is implementing measures to facilitate a smooth transition for customers. The exchange is launching a program to ensure compliance with Japanese market laws and regulations, assisting users who wish to migrate their crypto assets to compliant platforms. Gate.io will provide more details on the termination of services, schedule for transaction migration, and the cryptocurrency assets available based on current regulations.
Japanese Cryptocurrency Exchange Regulation:
Japan requires all cryptocurrency exchanges operating in the country to be registered and approved by the Financial Services Agency (FSA) and the Finance Bureau. Recent months have seen stricter regulations in Japan to provide better protection to crypto investors, following cases of fraud and illegal operations. Gate.io subsidiary Gate.HK withdrew its application for licensing in Hong Kong, aligning with several other exchanges that have faced regulatory challenges.
