Regulation
Cryptocurrency Exchange Gate.io Shuts Down in Japan, Here’s Why
On July 22, 2024, Gate.io announced the end 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 the creation of new accounts for individuals in Japan effective July 22, 2024. This is the first step towards complying with Japanese financial regulations to ensure that the company is in compliance with established legal requirements.
Existing users in Japan are requested to act in accordance with their account management and prepare for the termination of services. Gate.io aims to help its customers transfer their transactions to cryptocurrency exchanges regulated by Japanese laws.
To ensure a smooth transition, Gate.io will take the following steps. The platform will remove Japanese descriptions and limit the availability of Japanese language options, only if necessary during the transition. The exchange will also provide information on the services that have been suspended, the plan the exchange will use to migrate the affected assets, as well as the crypto assets that have been affected due to the FSA compliance orders.
Any customer with a concern or issue is advised to contact the Gate.io support team for assistance. The exchange apologizes for any inconvenience and reiterates its focus on adhering to the rules in place across all its markets.
Gate.HK ceases operations
At the same time, Hong Kong-based Gate.io operation, Door.HK also closed its operations. The exchange withdrew its applications for licenses under the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Combating the Financing of Terrorism Ordinance (AMLO).
All new user registrations and asset deposits have been stopped and all tokens have been delisted and trading has been halted as of May 28, 2024. Currently, users have until August 28, 2024 to withdraw their assets from the platform.
The change is part of a major overhaul of the platform that aims to increase security and comply with regulations. The exchange advises users to close their positions and withdraw their funds before the set deadlines to avoid disruptions.
OKX exits Nigeria
Similarly, OKX has confirmed its withdrawal from Nigeria as of August 16, 2024, due to 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 regulatory issues facing cryptocurrency exchanges, with several other companies also withdrawing their applications in different jurisdictions. However, there are platforms such as Crypto.com, Bullish, and Matrixport that are among the companies still trying to obtain licenses in regions such as Hong Kong.
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