Exchange
Gate.io halts its services in Japan
Published
2 months agoon
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adminGate.io has announced that it’s terminating all its services in Japan, with a halt to new accounts opening for Japanese residents commencing on July 22.
The exchange announced the move on Monday and revealed a compliance process would be in place for its customers that seek to migrate assets to crypto platforms that currently comply with Japanese regulations.
“As one of the world’s leading cryptocurrency exchanges, we strive to comply with financial regulations in all regions in which we operate. Based on this commitment, we regret to inform you that we will be terminating our services for Japan,” the exchange wrote.
Gate.io has suspended the opening of new accounts for users in the country and is taking steps to ensure a smooth transition for customers. This includes launching a program to ensure compliance with Japanese market laws and regulations to support users who want to migrate their crypto.
Users to get more details
In the notice to its customers, Gate.io said the exchange would take all “necessary measures to comply with Japanese law.” This includes deleting descriptions related to Japanese users and the Japanese market on the exchange’s website.
The platform will also communicate more details on terminating its services and the schedule for transaction migration. Gate.io will also provide details of services and crypto assets it will offer based on current regulations.
“Details of the suspension of our services and the response and schedule for the plan for the migration of transactions will be implemented in accordance with compliance requests from authorities such as the Financial Services Agency, and will be announced promptly,” the Gate.io team said in the post published on its website.
Crypto exchange regulation in Japan
Japan mandates that all cryptocurrency exchanges operating in the country must be registered and approved by the Financial Services Agency (FSA) and the Finance Bureau. In 2023, the FSA warned four major crypto exchanges for operating illegally in the country.
In recent months, regulators in Japan have taken a more strict approach to crypto regulation amid a broader framework that seeks to provide more protection to crypto investors. Cases of fraud, including the major collapse of FTX that impacted FTX Japan, have necessitated this approach.
In May this year, Gate.io subsidiary Gate.HK withdrew its application for licensing in Hong Kong, joining many other exchanges, including OKX and HTX.
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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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Bitcoin
$1.3b Bitcoin left exchanges, bulls deny losing $60k
Published
5 days agoon
September 15, 2024By
adminBitcoin’s surge above the $60,000 zone has triggered an uptick in outflows from centralized exchanges as investors expect further bullish momentum.
According to data provided by IntoTheBlock, Bitcoin (BTC) witnessed $1.29 billion in net outflows from CEXs over the past week. The movement shows increased accumulation as most on-chain signals look bullish for the flagship cryptocurrency.
Most of the outflows, around 12,420 BTC, came on Sept. 10 when the asset’s price struggled below the $57,000 mark, per ITB data.
Notably, the large holders’ net flow to exchange net flow ratio shows that Bitcoin holders started profit-taking on Sept. 13 as the price reached $60,000 after falling to a local bottom of $52,600.
Bitcoin witnessed a large holder net outflow of 9,180 BTC on the same day. The on-chain movement shows a massive selloff by whales, sending the asset’s price below $60,000.
Expect lower price volatility
According to a Friday report by crypto.news, MicroStrategy purchased 18,300 BTC for roughly $1.11 billion despite the whales’ selloff.
However, the trend soon shifted to accumulation again on Saturday, Sept. 14, with the ratio reaching 0.43%, according to ITB.
The large holders’ net flows bounced to the positive zone, with 3,240 BTC in net inflows yesterday.
Bitcoin gained 0.2% in the past 24 hours and is trading at $60,100 at the time of writing. The asset’s market cap is currently sitting at $1.86 trillion. BTC’s daily trading volume, however, decreased by 57%, reaching $13.7 billion.
At this point, lower price volatility would be expected for Bitcoin as the price consolidates close to the psychological $60,000 zone. However, a decline below $59,000 could trigger a high amount of liquidations, leading to another potential downfall.
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Dogecoin
Whales bought over 400m DOGE, on-chain signals look bullish
Published
1 week agoon
September 12, 2024By
adminWhales have started accumulating Dogecoin as bullish on-chain signals surfaced for the largest meme coin.
According to data provided by IntoTheBlock, the Dogecoin (DOGE) large holders’ inflow increased by 970% on Sept. 11 — rising from 46.25 million to 493.15 million DOGE. The token’s whale outflow plunged from 442.12 million to 78.17 million DOGE.
Data shows that the large holders’ net inflow reached 414.97 million DOGE, worth $42.46 million, yesterday. The movement shows that whales have started accumulating Dogecoin and the selloff has cooled down.
Notably, Dogecoin is mostly dominated by large holders with 62% of its supply sitting in whale addresses. The amount of transactions consisting of at least $100,000 worth of DOGE reached $942 million over the past week.
Per ITB data, the asset’s exchange net inflow also declined from 84.83 million to 33.42 million DOGE on the same day. Decreasing exchange inflow usually leads to lower selling pressure.
DOGE is up 1.6% in the past 24 hours and is trading at $0.1024 at the time of writing. The meme coin’s market cap is hovering at $14.9 billion, making it the eighth-largest digital currency.
At this point, DOGE is down by 86% from its all-time high of $0.73 in May 2021.
On Aug. 31, Elon Musk, Tesla’s billion CEO, showed interest in bringing the meme coin back to the automotive company as a form of payment. Musk’s claim came a few days after a U.S. court decided to dismiss the $258 billion lawsuit against the billionaire and his companies.
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