Website: CentBit.Online – Your Premier Source for Crypto & Blockchain News in Bangladesh
Global crypto exchange Gate.io has officially announced its return to Japan by acquiring the domestic trading platform Coin Master, signaling a significant step toward expanding its presence in the highly regulated Japanese market.
Details of the Acquisition
In a recent blog post, Gate.io revealed it had acquired all outstanding shares of Coin Master, though the financial details of the deal remain undisclosed.
Coin Master, based in Chuo, Tokyo, was launched in June 2016 and obtained its trading permit from Japan’s Financial Services Agency (FSA) in November 2019. The platform’s sole shareholder was Oak Grove Technology.
Rebranding as Gate Japan
Following the acquisition, Coin Master announced it would now operate under the name Gate Japan. It assured customers that the shareholder transition would not disrupt existing services.
Gate.io added that it plans to:
- Provide updates on the transfer procedures for customers with accounts on its global platform.
- Share details about new registrations for Japanese residents.
- Announce specifics on the coins and services offered through the revamped platform.
Overcoming Regulatory Challenges
Japan’s crypto exchange market is governed by strict FSA regulations. Only firms with an FSA-issued trading permit can operate, and overseas companies face challenges entering the market.
Previously, on July 22, 2024, Gate.io ceased accepting new accounts from Japanese residents and began winding down its global services in the country. However, by acquiring Coin Master and its trading permit, Gate.io has paved the way for its re-entry.
Gate Japan has pledged to launch a platform that fully complies with Japanese laws and regulations, aiming to provide seamless and secure trading services to local residents.
Why This Matters
This acquisition marks a significant milestone for Gate.io as it seeks to re-establish itself in one of the world’s most regulated crypto markets. By leveraging Coin Master’s trading permit, Gate.io demonstrates its commitment to adapting to local compliance standards and expanding its global footprint.
Stay Updated with CentBit.Online
For the latest insights into cryptocurrency exchanges, blockchain developments, and regulatory updates, visit CentBit.Online—Bangladesh’s trusted source for crypto expertise.
#GateJapan #CryptoExchange #CoinMasterAcquisition #CryptoBangladesh #CentBitOnline
