Cryptocurrency exchange Gate.io plans to enter the Japanese market
Date: 2024-08-29 Author: Gabriel Deangelo Categories: BUSINESS
Cryptocurrency exchange operator Gate.io has announced its intention to enter the Japanese market, with the company’s CEO planning a “full-scale push.”
According to Japanese media outlet CoinPost, Gate.io CEO and founder Lin Han made the announcement at the WebX conference on August 28.
The CEO said the company is in the process of applying for a license in preparation for the launch.
East Asian countries like Japan and South Korea are known for their strict regulatory processes, which have previously prevented companies like Binance from launching their exchanges.
Coinbase managed to enter the market, but the American company closed its Tokyo exchange in January 2023.
Kraken, another global exchange that tried to gain a foothold in Japan, also left the market in 2022.
One of the few cryptocurrency exchanges that managed to gain a foothold in the Japanese market was FTX. However, the venture failed, and FTX Japan customers were left unable to withdraw their funds after FTX collapsed.
Han appeared to be keen to allay fears of a similar scenario happening again, stating that security is the exchange’s “top priority.”
He also noted that Gate.io will strive to “prevent incidents” like those that happened with FTX Japan from happening again.
The CEO noted that the new exchange, operated by Gate.io, will “strictly comply” with Japanese regulations.
He also stated that the new platform will provide separate custody of customer and exchange assets, with customer coins stored in offline “cold” wallets.
Han explained that his company will adopt a differentiation strategy by offering a wide range of tokens while maintaining a high level of security.
The Gate.io boss noted that his platform is “committed to complying with Japanese regulations.”
