Gate.io has announced the termination of all its services in Japan, effective July 22, with a halt on new account openings for Japanese residents. This move aims to ensure compliance with Japanese regulations and provides a structured process for customers to migrate their assets to compliant crypto platforms.

Gate.io emphasized its commitment to adhering to financial regulations worldwide. In a statement, the exchange noted, “As one of the world’s leading cryptocurrency exchanges, we strive to comply with financial regulations in all regions in which we operate. Based on this commitment, we regret to inform you that we will be terminating our services for Japan.”

As part of this transition, Gate.io has suspended the opening of new accounts for users in Japan. The exchange is taking steps to facilitate a smooth transition for its customers, including launching a program to ensure compliance with Japanese market laws and regulations. This program aims to support users who wish to migrate their crypto assets.

Details for Users

Gate.io has assured its customers that it will take all necessary measures to comply with Japanese law. This includes removing descriptions related to Japanese users and the Japanese market from its website. The platform will communicate further details on the termination of services and the schedule for transaction migration.

“Details of the suspension of our services and the response and schedule for the plan for the migration of transactions will be implemented in accordance with compliance requests from authorities such as the Financial Services Agency, and will be announced promptly,” stated the Gate.io team.

Crypto Exchange Regulation in Japan

In Japan, all cryptocurrency exchanges must be registered and approved by the Financial Services Agency (FSA) and the Finance Bureau. In 2023, the FSA issued warnings to four major crypto exchanges for operating illegally in the country.

Recent regulatory actions in Japan reflect a stricter approach to crypto regulation, aiming to provide better protection for crypto investors. Cases of fraud, including the significant collapse of FTX that impacted FTX Japan, have driven this approach.

In May, Gate.io’s subsidiary Gate.HK withdrew its application for licensing in Hong Kong, joining other exchanges such as OKX and HTX.

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