Share this article
Crypto Exchange Gate.io Exits Japan
"As one of the world's leading cryptocurrency exchanges, we strive to comply with financial regulations in all regions in which we operate," a blog on Gate.io said.
Updated Jul 23, 2024, 10:56 a.m. Published Jul 23, 2024, 10:53 a.m.
Make us preferred on Google
- Crypto exchange Gate.io has terminated its services in Japan.
- The exchange has suspended the opening of new accounts for customers residing in Japan as of July 22.
Crypto exchange Gate.io has terminated its services in Japan, it announced on Monday, suggesting a lack of compliance in the nation.
It said that it would "comply with laws and regulations in Japan" and support customers who wish to transition to compliant cryptocurrency exchanges within Japan. The company's website does not show it has regulatory approval in Japan. The company is headquartered in George Town, Cayman Islands.
STORY CONTINUES BELOW
"As one of the world's leading cryptocurrency exchanges, we strive to comply with financial regulations in all regions in which we operate," a blog on Gate.io said. "Based on this commitment, we regret to inform you that we will be terminating our services for Japan."
It isn't clear whether "regulatory pressures and compliance requests" from Japan’s Financial Services Agency (FSA) resulted in the decision but one report suggested it. Gate.io is not listed as a registered entity on the FSA website. The FSA and Gate.io did not immediately respond to CoinDesk requests for comment
As of Monday itself, the exchange will suspend the opening of new accounts for customers residing in Japan.
Other details of the schedule for the suspension of services in accordance with compliance requests from authorities such as Japan's Financial Services Agency will be announced later, the company said.
Japan's Financial Services Agency previously warned that four other crypto exchanges were operating in the country without proper registration. The Mt. Gox hack in 2014 resulted in Japan becoming one of the earliest countries worldwide to regulate cryptocurrency exchanges, with some of the strictest consumer protection legislation worldwide.
Read More: Crypto Exchange Gate.io to Help Busan, South Korea, Build Blockchain Infrastructure
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Crypto faces fork in the road as Clarity Act support wavers, Bitwise says
The asset manager argued that without federal legislation, the industry has three years to become indispensable before political winds potentially shift.
What to know:
- Bitwise said in a blog post Monday that Polymarket odds for the Clarity Act have fallen from 80% to 50% following industry pushback.
- If the bill fails, Bitwise believes crypto must achieve mass adoption in stablecoins and tokenization to force a regulatory hand.
- The firm anticipates a sharp rally upon the bill's passage, while a failure would likely lead to a "slower ascent" tied to proven utility.
Top Stories
