Crypto Exchange Gate.io Is Quitting Japan Due To Tight Regulations

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• Global crypto exchange Gate.io has announced its decision to exit the Japanese market after expressing concerns about the country's stringent and unfavorable regulatory environment for crypto service providers.
• Gate.io has launched a legal compliance program that will assist existing users with transferring their digital assets to other crypto exchanges approved by Japanese authorities. The platform has also stopped registering new accounts.
• Crypto service providers have to obtain a license from the Financial Service Authority and comply with the regulatory requirements of the Finance Bureau before operating in Japan.
• This comes following some high-profile hacks over the past decade that have resulted in Japanese investors losing billions of dollars worth of cryptocurrencies. Recently, exchanges like Bybit, MEXC, Binance, and LBank received notice from regulators mandating them to comply or end their services.

On Monday, cryptocurrency exchange Gate.io announced that it will be terminating all services in Japan from July 22nd onwards. The trading platform has already stopped registering new accounts for Japanese customers.

Gate.io Terminates All Crypto Services In Japan. Helping Customers Move Funds To Other Platforms

The exchange has launched a legal compliance program to support clients seeking to move their balances from Gate.io to other platforms that comply with the country's crypto regulations.

Gate.io will ensure customers can continue performing crypto-related transactions by complying with the country's updated legal framework.

In a notice to clients, Gate.io said it would take all "necessary measures to comply with Japanese law". This includes removing any marketing description related to Japanese users and the domestic market on its website.