The international exchange Gate.io has a certain popularity in the Japanese market. However, on July 22, Gate.io announced that it would cease services in the Japanese domestic market to comply with local Japanese regulations.
According to the announcement, starting from July 22, Gate.io will stop Japanese residents from opening new accounts, guide existing Japanese users to transfer to Japanese compliance exchanges, and will no longer display non-essential website Japanese information. The actual suspension time of Japan services will be announced separately.
This move shows that in legal areas with a licensing system, it is increasingly seen that industry players have to make a choice: enter the local market in compliance with regulations, or choose to operate offshore. There are currently 29 exchanges holding licenses in Japan, and only half of them may actually have a basic market share.
(Overseas virtual currency operators are unable to deal with them? Peng Jinlong, chairman of the Financial Supervisory Commission, responded: Supervision is difficult and cross-border cooperation is needed)
This article: Overseas exchanges voluntarily withdraw! Gate io announced to leave the Japanese market to comply with Financial Services Agency regulations first appeared on Chain News ABMedia.
