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The cryptocurrency exchange operator Gate.io has expressed its intention to penetrate the Japanese market, with its CEO planning a “full-scale advance.”
According to the Japanese media outlet CoinPost, Lin Han, the CEO and founder of Gate.io, made these remarks during the WebX conference on August 28.
Gate.io’s Expansion into the Japanese Crypto Exchange Market?
The outlet cited Han as “disclosing” that the company is “making full-scale advances into the Japanese market.”
The CEO mentioned that the firm is “undergoing the license application processes” in preparation for a launch.
Countries in East Asia, such as Japan and South Korea, are known for their stringent regulatory frameworks, which have previously hindered companies like Binance from establishing exchanges.
Coinbase seemed to defy this trend when it initiated operations in Japan. However, the American company closed its Tokyo-based exchange in January 2023.
Kraken, another international exchange that attempted to create a presence in Japan, also exited the market in 2022.
“There are few countries with clearer regulations and stronger user protection measures than Japan.”
Lin Han, Gate.io CEO and Founder
Thank you @aba_summit for the invitation to this year’s incredible summit. A real pleasure to participate with my two cents. Some thoughts to summarize my contribution: The amazing progress of blockchain industry is turning it into a more mature and stable space, ideal for more… pic.twitter.com/KAr1PzHpGn
— Dr. Han (@han_gate) August 7, 2024
One of the few cryptocurrency exchanges that successfully established a presence in Japan was FTX.
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However, this endeavor ended poorly, leaving FTX Japan customers unable to withdraw their funds following the collapse of FTX.
Han seemed eager to reassure stakeholders that a similar situation would not occur again. He emphasized that security is the exchange’s “top priority.”
He asserted that Gate.io would strive to “prevent a recurrence of incidents” similar to those that “happened” at FTX Japan.
Heat stroke risk won’t stop Japan’s ageing farmers as temperatures soar https://t.co/TQMWUcbUwh pic.twitter.com/AyZ0nDMIKx
— Reuters (@Reuters) August 28, 2024
We Will Comply with Japanese Regulations: Han
The CEO stated that a new exchange operated by Gate.io “would strictly comply with” Japanese regulations.
He also mentioned that the new platform would ensure that customer and exchange assets are “kept separate,” with customer funds stored in offline “cold” wallets.
Han elaborated that his firm would “adopt a strategy of distinguishing itself” by “providing a variety of tokens while ensuring a high level of security.”
The Gate.io leader affirmed that his platform is “dedicated to adhering to Japanese regulations.”
This announcement follows the exchange’s recent decision to “cease its services” for Japanese users.
The Financial Services Agency has previously cautioned global exchange operators against targeting Japanese customers without an operational permit.
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