Crypto exchange Gate.io terminated services in Japan, aiming to comply with laws and regulations but lacking approval. It suspended new account openings for Japanese customers as of July 22.
Gate.io pledged to assist customers in transitioning to compliant exchanges in Japan, emphasizing regulatory compliance in all regions of operation.
The decision to terminate services in Japan is possibly linked to regulatory pressures, with Gate.io not listed as a registered entity by Japan's Financial Services Agency.
Japan's Financial Services Agency previously flagged four other exchanges for operating without registration, stemming from strict consumer protection laws post-Mt. Gox hack in 2014.
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