Gate.io, a prominent crypto exchange, has said that it will halt its services for consumers in Japan as a result of regulatory obstacles imposed by the Financial Services Agency (FSA) of Japan.
The decision is a response to compliance requests from the FSA and will also result in the cessation of new account openings for Japanese users. Japan’s stringent laws for crypto trading, such as the Payment Services Act (PSA), require exchanges to register with the Financial Services Agency (FSA) and adhere to anti-money laundering (AML) standards and rigorous customer identification verification procedures.
Gate.io will provide support to impacted consumers in transferring their assets to exchanges that comply with Japanese regulatory standards and will eliminate Japanese language information from its website.
The cessation of services will be carried out in keeping with FSA regulatory demands; however, a specific date for the complete suspension has not been specified. Gate.io is renowned for its comprehensive selection of trading pairs and significant worldwide 24-hour trading volume, which amounts to $19.5 billion.
