Gate.io cryptocurrency exchange logo displayed on smartphone on crypto market data background. Source: piter2121 - stock.adobe.com

Key Takeaways:

Gate.io to cease services for Japanese customers due to compliance with Japan’s Financial Services Agency (FSA) requirements.
The exchange will stop opening new accounts for Japanese users and assist in asset migration to compliant exchanges.
Japanese language content will be removed, and a compliance program is planned, but no shutdown date is specified.

Gate.io, a cryptocurrency exchange, will cease services for Japanese customers due to compliance requests from Japan’s Financial Services Agency (FSA).

Announced on July 22, the exchange will stop opening new accounts for Japanese users and assist in migrating their assets to compliant exchanges.

#Gate.io Suspends New Account Registrations in #Japan Amid Regulatory Pressures #NewsBytes https://t.co/MsQI1F0Wkl
— Bitcoin.com News (@BTCTN) July 23, 2024

Gate.io will also remove Japanese language content from its website but continue updating users about the process.

The exchange plans to launch a program to align with Japanese laws and regulations, though no specific shutdown date is provided.

https://t.co/KHAFxEC2yM BAILS JAPAN https://t.co/veLHiEUtTe's ghosting Japan!

They shut down ops on July 22, 2024, bowing to local regs. Users gotta transfer assets to local exchanges.https://t.co/FY5ea06AzU's out too! Halted new signups and trading by May 28, 2024. Withdraw… pic.twitter.com/vm7Nb96Ouw
— Mario Nawfal’s Roundtable (@RoundtableSpace) July 22, 2024

Japan, a major crypto hub, has strict regulations under the Payment Services Act, requiring exchanges to register with the FSA and comply with anti-money laundering rules.

Despite regulatory challenges, Japanese firms like Metaplanet continue to invest in Bitcoin, with Metaplanet purchasing an additional 20.4 BTC, valued at $1.2 million.