CEO of virtual currency exchange Gate.io announces decision to enter Japan at WebX2024

Dr. Han Lin, founder and CEO of global cryptocurrency exchange Gate.io, took the stage at the large-scale Web3 conference "WebX2024" and had a conversation with WebX founder Makoto Aoki. He officially announced his decision to enter the Japanese market.

WebX2024 is planned by CoinPost Co., Ltd., which operates Japan's largest Web3 media CoinPost, and is hosted by the WebX Executive Committee. It will be held in Tokyo.

Dr. Han Lin revealed during the conversation that he is fully entering the Japanese market (license application process, etc.). He said: "There are few countries with clear regulations and strict user protection like Japan."

"In addition, security is the top priority of the exchange. In order to prevent the recurrence of customer asset theft that occurred on the FTX overseas version, we will implement isolation management and use of cold wallets in accordance with regulatory rules."

He said he would sort it out once and for all.

Additionally, he mentioned barriers to entry into Japan, citing Coinbase and Kraken’s past exits from the Japanese market, and said that as an exchange that expands globally, it offers a wide variety of tokens while maintaining The highest level of security.

The company said it will adopt a strategy to achieve differentiation by ensuring the following objectives.

At the meeting, Dr. Han Lin introduced Gate.io’s own data on the cryptocurrency industry, saying that Japanese cryptocurrency exchanges are strictly regulated by the Financial Services Agency and the law. Therefore, although user protection is in place, it is not global.

It’s worth noting that there are still many token and exchange companies that are unregulated at scale.

Gate.io highlighted this difference and emphasized its stance on complying with Japanese regulations.

Gate.io is a virtual currency exchange launched in 2013, providing trading services for more than 2,500 stocks. It also offers a wide range of other services, such as allowing users to trade perpetual futures and non-fungible tokens (NFTs), as well as issue debit cards.

As of August 2024, the number of registered users exceeds 17 million.

The exchange announced in July that it would cease services in Japan. At the time, it also said it would support "the transfer of trading to crypto asset exchange providers that comply with Japanese regulations," but according to the CEO's statement this time, it has become clear What’s interesting is that preparations to open an exchange that complies with Japanese law are actually underway.