Steps to regulate cryptocurrency markets are making it difficult for exchanges in some regions. For example, in Turkey, restrictions were placed on exchanges that do not open a company and serve Turkish citizens, including advertising limitations. However, this time the focus is on Asia.
Gate Exchange
Gate Exchange announced today that it will no longer allow new account registrations for Japanese residents. The Asia-based cryptocurrency exchange Gate will stop new account openings as of July 22 and will also suspend its operations in the region. Today’s announcement stated the following:
“As one of the world’s leading cryptocurrency exchanges, we strive to comply with financial regulations in all jurisdictions where we operate. Based on this commitment, we regret to inform you that we will be suspending our services in Japan.
Our company will stop opening new accounts for residents of Japan starting from July 22, 2024. Additionally, we will implement measures 1 to 3 below immediately to smoothly terminate our domestic services for everyone residing in Japan and using our services from within Japan.”
With governments taking action on cryptocurrencies, certain standards have been established. As a result of these standards, some countries have completely banned specific cryptocurrencies, while others allow limited investments with a few alternatives.
Nevertheless, most countries worldwide have not yet established comprehensive crypto rules, so exchanges continue to operate in a gray area. As leading countries implement regulations, global standards that exchanges must adhere to will emerge, and crypto platforms will have to become fully regulated.
What Measures Will Be Taken?
First, the exchange has initiated a legal compliance program and will provide necessary support to transfer customer assets to crypto platforms that comply with Japanese regulations. Secondly, the Gate team will remove Japanese content and take necessary measures to comply with the laws.
The final measure is as follows:
“The details of our plans to suspend services and modify operations will be disclosed in due course, in line with compliance requests from authorities such as the Financial Services Agency. At that time, we will also explain the services we can provide based on the law, the types of crypto assets, etc.”
