Cryptocurrency exchange Gate.io announced its exit from the Japanese market. The company explained the termination of service by the need to comply with requirements and pressure from Japan's financial regulator, the Financial Services Agency (FSA).
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“We strive to comply with financial regulations in every region where we operate. From July 22, 2024, our company stopped opening new accounts for residents of Japan,” the message says.
Gate.io noted that they will help clients transfer their assets to new trading platforms. In addition, the exchange reported that all information published on the website in Japanese will be deleted.
The activities of cryptocurrency exchanges in the country are regulated by the Japanese Payment Services Act (PSA). It requires companies to register with the FSA, as well as comply with anti-money laundering (AML) rules and conduct customer identity verification.