Gate.io Sets Its Sights on the Japanese Crypto Market
According to CEO Lin Han, Gate.io, a leading crypto exchange operator, is planning to make a significant entry into the Japanese market. Speaking at the WebX conference on August 28, Han discussed the company’s ambitious plans.
CEO Confirms Licensing Efforts
During the event, Han stated that Gate.io is moving forward with “full-scale advances” in Japan. The CEO mentioned that the firm is actively “going through the license application procedures” as it prepares to launch its services.
Japan’s Strict Regulations: A Challenge for Crypto Exchanges
Japan and South Korea are known for their stringent regulatory frameworks, which have historically posed challenges for global crypto exchanges like Binance. Although Coinbase initially succeeded in launching its Japanese operations, it eventually closed its Tokyo exchange in January 2023. Similarly, Kraken, another major player, exited the Japanese market in 2022.
“There are few countries with clearer regulations and stronger user protection measures than Japan.” – Lin Han, Gate.io CEO and Founder
Despite these challenges, Han emphasized the importance of regulatory compliance and customer protection, highlighting Japan’s clear regulations and robust user protection measures.
Learning from Past Mistakes: A Focus on Security
FTX was one of the few exchanges that managed to establish a presence in Japan, but it faced significant issues, leaving customers unable to withdraw their funds after the FTX collapse. Han is eager to avoid a similar situation, stating that security will be Gate.io’s “top priority.” He assured that the exchange would implement measures to “prevent a recurrence of incidents” similar to those at FTX Japan.
Commitment to Compliance and Security
Gate.io plans to adhere to Japanese regulations in its operations strictly. Han confirmed that the new platform would ensure a clear separation of customer and exchange assets, with customer coins stored in offline “cold” wallets. Furthermore, the CEO mentioned that Gate.io would differentiate itself by offering a diverse range of tokens while maintaining high-security standards.
Recent Announcements and Future Plans
This announcement follows Gate.io’s recent decision to “end its services” for Japanese users. The Financial Services Agency of Japan has previously cautioned global exchange operators against targeting Japanese customers without a valid operating permit. Gate.io’s latest move appears to align with these regulatory expectations, as it prepares for a compliant and secure entry into the market.
