Exchange
Gate.io halts its services in Japan
Published
4 months agoon
By
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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Immutable receives SEC Wells notice over 2021 IMX token sales
Published
3 weeks agoon
November 1, 2024By
adminUnited States Securities and Exchange has targeted blockchain gaming platform Immutable potentially targeting its listing and private sales of the IMX token in 2021.
According to a Nov. 1 statement from Immutable, the SEC issued an “accelerated” Wells notice following an initial interaction where the SEC informed the company that a Wells notice would be sent “within the week,” but delivered it “within hours” instead.
Immutable highlighted the vague nature of the notice, stating that it “simply cited statutory provisions” with “fewer than 20 words of material explanation” and offered little meaningful detail about the investigation’s focus. The company believes the agency’s claims could be targeting the “listing and private sales” of its native IMX token in 2021.
Shortly after issuing the notice, the SEC reportedly engaged in a phone call with the firm, raising concerns over a 2021 blog post in which Immutable detailed Huobi Ventures’ early investment in IMX at a pre-launch price of $0.10 issued at a “$10 pre-100:1 split”, stating that there had been no “exchange of value” in the deal.
Immutable disputes this claim, arguing that the investment was, in fact, legitimate and backed by “real consideration.”
The firm added it is “confident in its position” regarding the classification of the IMX token, pushing back against what it described as the SEC “indiscriminately claiming that tokens across the industry are securities.”
Immutable called for a “robust conversation to clarify facts” and expressed its willingness to challenge the SEC’s enforcement approach if necessary.
Reacting to the news, Immutable co-founder Robbie Ferguson reiterated the company’s position to “defend digital ownership in gaming” by joining contemporaries like Robinhood and OpenSea in defending against the SEC’s claims.
While a Wells notice does not guarantee that formal action will be taken, the development came as a blow to Immutable’s IMX token which was down more than 14% at press time.
The SEC, led by Chair Gary Gensler, has consistently gone after crypto firms for allegedly skirting securities laws. This has also sparked pushback from U.S. policymakers, who say Gensler is creating confusion in the digital asset space by introducing terms like “crypto asset security.”
Yet the regulator remains unfazed, recently issuing a Wells notice to Crypto.com. In response, Crypto.com filed a lawsuit challenging the commission.
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Exchange
Indonesian regulators extend license application deadline for crypto exchanges
Published
1 month agoon
October 21, 2024By
adminThe Indonesian Commodity Futures Trading Regulatory Agency has extended the deadline for crypto exchanges to meet the necessary requirements to get their Physical Crypto Asset Traders license as part of a revised government bill.
In an Oct. 20 press release, the Indonesian Commodity Futures Trading Regulatory Agency — known locally as Bappebti — announced that the deadline for crypto exchanges to meet the requirements needed for a Physical Crypto Asset Traders license.
Crypto exchanges have until the last week of Nov. 2024 to fulfill the registration requirements. The regulatory agency clarified that the extension only applies to crypto exchanges that are already listed under Prospective Crypto Asset Physical Traders.
The extension is part of the newly revised government bill, Bappebti Regulation Number 9 of 2024.
The new bill requires crypto exchanges to sign a partnership deal with a local government body and implement Know Your Transaction standards as well as grants trading opportunities for institutional entities.
Oscar Darmawan, CEO of major Indonesian crypto exchange INDODAX, expressed his gratitude to Bappebti for giving crypto exchanges more time to adjust to the regulations set by the government.
“This will also help strengthen the crypto industry as a whole by ensuring that every crypto exchange complies with the standards that have been set,” Oscar said in his statement to local media outlets on Oct. 20.
He explained that INDODAX is currently going through the validation process and is awaiting approval from Bappebti in order to get the license. Darmawan also assured that the exchange company will comply to the latest regulations.
Head of the Bureau of Legislation and Enforcement at Bappebti, Aldison stated that Regulation Number 9 2024 will act as a roadmap to regulating the crypto ecosystem in Indonesia. Among the changes made, Aldison highlighted how it accommodates institutions looking to trade in digital assets. Previously, only individual entities were mentioned in the bill.
“Legal entities and business entities can also become digital asset traders,” added Aldison.
He explained that licensed crypto exchanges are still required to sign a partnership agreement with the Indonesian Directorate General of Population and Civil Registration of the Ministry of Home Affairs, as per the new regulations.
In addition, crypto exchanges are obligated to list on the National Crypto Asset Futures Exchange and become a member of the Crypto Asset Clearing House. If not, they risk having their applications for the license revoked.
In an Oct. 18 press release about the new regulations, Bappebti aims to build a modern, adaptable and transparent crypto ecosystem.
“Bappebti will adjust existing regulations in accordance with the Commodity Futures Trading Law. The crypto industry is very fast and dynamic, so it requires an ecosystem that is strong and able to meet market needs,” said Ir. Kasan, Head of Bappebti.
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crypto assets
Fairdesk crypto exchange to shut down, cites market conditions
Published
1 month agoon
October 11, 2024By
adminFairdesk, a Singapore-based crypto exchange launched in 2021, will permanently close on Nov. 30.
The decision comes amid shifting market conditions and regulatory changes, according to a company release.
Fairdesk built a reputation for offering futures trading, spot trading, and other crypto services to a global user base. However, the company’s leadership has opted to wind down operations, citing challenges in the current environment.
Effective Oct. 17, all trading activities on Fairdesk will cease, with only withdrawals allowed until the final closure date. Fairdesk encouraged its users to withdraw their funds before the Nov. 30 deadline.
What was Fairdesk?
Fairdesk was a derivatives trading platform based in Singapore, allowing users to go long and short on digital assets. It offered leverage up to 125x, enabling traders to maximize potential gains with minimal capital.
The platform was known for its high performance, reliability, and low transaction fees, positioning itself as a trusted exchange for day traders.
Fairdesk also featured strong security measures, keeping user funds in cold wallets and ensuring every transaction was manually inspected and signed offline.
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