Gate IO To Exit the Japanese Market: Report

Gate.io, a major crypto exchange has announced the termination of its services in the Japan. This decision is part of its ongoing efforts to comply with local regulations and international laws.

Why is Gate Leaving Japan? 

The international exchange is prominent for the wide range of crypto services it offers in about 200 countries. Since its establishment in 2013, the exchange has garnered a substantial user base surpassing 13 million. Impressively, it typically records an average daily trading volume of $6.11 billion. While the platform caters to users from diverse nations, It has recently faced regulatory obstacles in Japan. This prompted the termination notice issued recently. 

The termination notice states that starting from July 22, 2024, all new account openings will stopped for Japanese users. Following that, a new program will go live that will help it comply with Japanese laws. This move will help users switch their transactions to compliant crypto exchanges at convenience. Furthermore, all Japanese fiat currency trading pairs will exit the exchange.

However, the exchange said it will provide essential information in Japanese during the support period. 

Most importantly, the exchange said it will comply with FSA and other authorities’ rules for the service suspension and transaction transition plan. In addition, crypto services offerings available based on laws, regulations and crypto asset types will be communicated duly.

Gate Is Not Available in the U.S, U.K and Canada

Although the exchange’s operations spread vastly almost across the continents, its services are not available to the U.S residents. This is due to the stringent legal and financial regulations enforced by American regulators. Notably, the exchange’s non-availability in other countries also stems from its inability to meet legal and financial prerequisites. 

Crypto enthusiasts in the U.S. are voicing concerns that the Securities and Exchange Commission (SEC) regulatory policies are too harsh for investors. Surprisingly, this termination news comes as a shock to the crypto community. In May, Mark Cuban suggested that the US SEC should look to Japan’s forward-looking crypto regulations as an example.

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