Regulation
Crypto Exchange Gate.io Ceases Japan Operations, Here’s Why
As of July 22, 2024, Gate.io has announced the termination of its services in Japan, citing the need to comply with local financial regulations. This decision is in line with the exchange’s policy of obeying the laws of the international community.
Gate.io Ends Services for Japanese Customers
Gate.io has temporarily suspended new account creation for individuals in Japan as of July 22, 2024. This is the first step towards meeting the Japanese financial regulations with a view of ensuring that the company is in line with the set legal requirements.
Existing users in Japan are requested to act according to their account management and get ready for the end of the services. Gate.io aims at assisting its customers to transfer their transactions to cryptocurrency exchanges that are regulated by Japanese laws.
The cryptocurrency exchange Gate announced that it will stop providing services in Japan and will stop opening new accounts for Japanese residents from July 22, 2024. It has launched a legal compliance program in Japan to support customers in migrating transactions to crypto…
— Wu Blockchain (@WuBlockchain) July 22, 2024
As for the smooth transition, Gate.io will take the following actions. The platform will remove Japanese descriptions and limit the availability of Japanese language options, only as necessary during the transition. The exchange will also give information on the services that have been suspended, the plan that the exchange is going to use in migrating the affected assets, as well as the crypto assets that have been affected due to the FSA’s compliance orders.
Any customer with a concern or an issue is advised to contact the support team of Gate.io for help. The exchange apologizes for any inconvenience and reiterates its focus on compliance with the relevant rules across all its markets.
Gate.HK Ceases Operations
At the same time, Gate.io’s Hong Kong-based operation, Gate.HK has also closed down its operations. The exchange has withdrawn its applications for licensing under the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
All new registration of users and the deposit of assets was stopped and all tokens were delisted and trading was halted with effect from 28 May, 2024. Currently, the users have been given till August 28, 2024, for the withdrawal of their assets from the platform.
This change forms a part of a major platform revamp that is aimed at increasing security and following the rules. The exchange advises users to close their positions and withdraw their funds before the set timelines to avoid disruptions.
OKX’s Exit from Nigeria
Likewise, OKX has confirmed its withdrawal from Nigeria as of August 16, 2024, because of new legal and regulatory developments in the country. Nigerian users will not be able to open new trades or use other services but will be able to withdraw and close their existing positions.
OKX has given clear guidelines on how users can close their positions and withdraw their assets before the specified time.
This trend is a result of the ongoing regulatory issues that cryptocurrency exchanges encounter as several other companies have also withdrawn their applications in different jurisdictions. Nevertheless, there are such platforms as Crypto. Com, Bullish, and Matrixport are among the firms that are still trying to obtain licenses in areas such as Hong Kong.
Read Also: Spot Ethereum ETF: Here Is The Last Sign To Watch Ahead of Launch
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ripple whales have been highly active in recent hours, transferring large amounts of XRP tokens between unknown wallets. In total, 267,857,140 XRP, which, at the time of writing, was approximately $572,238,240, was transferred. These large XRP whales are believed to have a connection to Ripple’s ongoing legal battle and its on-demand liquidity (ODL) sales.
These massive transactions were potentially triggered by the decision of the SEC to lift the injunction against institutional sales for Ripple recently. As a result, Ripple can now proceed with its ODL business, likely contributing to the recent surge in large-scale XRP transfers.
Ripple Whales Move $572 Million
Whale Alert, has recently reported a flurry of XRP transfers. Four transactions were executed within a short span, and every swap was equal to 66,964,285 XRP, which amounts to about $143 million. These huge transactions have elicited quite a stir among the members of the crypto space regarding their size and the frequency.
While the reason behind the transfers is still uncertain, a large volume of XRP moving to unknown wallets could be tied to Ripple’s operations. Given that these moves occurred after the SEC has decided to remove the injunction on Ripple’s institutional sales, a correlation between Ripple’s liquidity management and institutional sales has emerged.
Such large movements have also attracted the attention of the market observers to think that Ripple may be gearing up for expansion of its ’on-demand liquidity’ solution. This could explain why this wave of whale is being observed today based on the firm’s capacity to continue with these institutional sales.
Ripple Legal Victory and Influence on XRP Transactions
Ripple’s legal situation with the U.S. Securities and Exchange Commission (SEC) has been a key factor influencing the company’s operations. Recently, as part of Ripple’s decision to drop its cross appeal against the SEC, the Commission agreed to remove the injunction that had previously restricted Ripple from conducting institutional sales of XRP. This decision paves the way for Ripple to resume its on-demand liquidity services, a core part of its business.
This movement should help Ripple expand the availability of liquidity solutions and its penetration in the international markets. The absence of the injunction will allow Ripple to transact with more XRP with institutional clients, which may be fueling the whale activities.
Subsequently, since Ripple’s ODL platform focuses on large XRP transactions, whales are likely to be engaged in this kind of activity as they provide liquidity. At the same time, Coinbase Derivatives has submitted new applications with the U.S. Commodity Futures Trading Commission (CFTC) to self-certify XRP futures contracts.
XRP Price Trend Amid Whale Movements
XRP’s recent market behavior also reflects these developments, with the cryptocurrency showing signs of strength. According to crypto analyst Casi Trades, after reclaiming the $2.05 support level, XRP price trend has set its sights on the next key resistance level at $2.24.
This level is particularly significant, as it aligns with both the macro and micro wave structures of XRP’s price movements.
Experts are keeping a close eye on XRP’s price action, with some predicting that the currency could break out of its current resistance levels and potentially reach new highs. The next levels to watch include $2.70, $3.05, and eventually $3.80, which could mark a new all-time high for XRP price.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the filing for Fidelity’s spot Solana (SOL) Exchange-Traded Fund (ETF).
This marks a key development in the financial industry, as Fidelity seeks to list its Solana ETF on the Cboe BZX Exchange. The acknowledgment comes after Fidelity submitted a proposed rule change, paving the way for the potential approval of the product.
Fidelity’s Spot Solana ETF Proposal
The SEC’s acknowledgment follows Fidelity’s filing to list and trade shares of the Fidelity Solana Fund under the Cboe BZX Exchange. The proposed rule change, initially submitted on March 25, was later amended on April 1, 2025, to clarify certain points and add additional details.
The amended proposal aims to list the Solana ETF under BZX Rule, which pertains to commodity-based trust shares. According to the Cboe BZX Exchange, Fidelity plans to register the shares with the SEC through a registration statement on Form S-1.
Fidelity’s experience with crypto ETFs, having launched the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), has prepared it for this new initiative. FBTC has drawn substantial interest, accumulating nearly $17 billion in assets, while FETH currently manages around $975 million.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC). The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.
Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.
Senate Banking Committee Approves Paul Atkins Nomination
Paul Atkins’ nomination for SEC Chair has received approval despite sharp opposition from Democratic members of the Senate Banking Committee. The vote was entirely split, with Republicans supporting Atkins and all Democrats opposing the decision.
This partisan divide highlights the contentious nature of Atkins’ confirmation, which had been under scrutiny for several reasons.
The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote. Given the Republican-controlled Senate, it is widely expected that Atkins will secure the necessary votes to take over the SEC leadership. With Republicans holding a 53-47 majority in the Senate, the confirmation process is anticipated to move forward swiftly.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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