Gate exchange announces its withdrawal from the Japanese market

What’s new? Centralized crypto exchange (CEX) Gate will stop providing services for users from Japan. The company’s representatives explained the curtailment of activities in the local market by the “desire to comply with financial rules in all regions of operation.” Since July 22, Gate stopped registering new Japanese users.

The exchange’s statement

What else is known? The gradual winding down of operations will take place in three phases, the first of which will be the launch of a compliance program and support for the transfer of assets to locally compliant exchanges at the request of clients.

As part of the second phase, the localized interface will be removed and the required amount of information in Japanese will be provided only during the asset migration period.

In the third phase, Gate will provide detailed information on the shutdown schedule in accordance with the requirements of the Financial Services Agency (FSA).

The exchange’s officials assured that they will continue to cooperate with financial regulators in all operating regions to ensure compliance.

Sony subsidiary to launch crypto exchange in Japan

Last year, Sony began developing its own blockchain jointly with Startale Labs

Read more

Gate is among the largest CEXs in terms of trading volume in the spot and derivatives markets. In June, the figure for each individual was $74,9 billion and $54,2 billion, down by 4,3% and 34,4% for the month, respectively.

During June, traffic to the website came predominantly from Turkey (9%), Colombia (7%), and Vietnam (7%). Attendance grew by 8% over the month to reach 17,4 million active users.

Earlier, analyst Colin Wu reported that “Japan is about to have its busiest cryptocurrency month yet,” as the country will host a series of digital asset events from late July to late August, such as the Tokyo Blockchain Leaders Summit, EDCON Ethereum Development Conference, ETH Tokyo Conference, DAO Tokyo, Solana Super Tokyo, and WebX 2024.

Some of the participants will include Ethereum co-founder Vitalik Buterin, blockchain teams from Solana, Aptos, Berachain, crypto exchanges Binance, OKX, Orca, and Jupiter, and the MetaMask wallet.