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.

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 The exchange has withdrawn its applications for licensing under the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).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.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

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.