[NEWS] Gate.io acquires domestic cryptocurrency exchange and enters the Japanese market

On the 19th, Gate.io, a major cryptocurrency exchange, announced that it would acquire all shares of Coin Master, a domestic cryptocurrency exchange, through its Singapore-based subsidiary Gate Information PTE. LTD., and enter the Japanese market. In addition, with the acquisition of all shares, Coin Master's trade name was changed to Gate Japan Co., Ltd. on the 23rd.

In July of this year, Gate.io stopped accepting new accounts from Japanese residents. It also announced that it would gradually end its global services for Japanese residents. Through this acquisition, Gate.io plans to provide a new, legally compliant trading platform for Japanese residents and provide services in the Japanese market. The company will announce the details of future services and the stocks it will handle at a later date.

Coin Master, which Gate.io has acquired, operates the cryptocurrency exchange c0ban. It was originally operated by Exia Digital Assets, but it was found to have insufficient management structure and working capital, and received a business suspension order and business improvement order from the Financial Services Agency. Subsequently, Exia Digital Assets became independent from its parent company, Exia LLC, changed its name to Coin Master, and resumed operating the exchange.

In recent months, overseas businesses have been actively trying to enter the Japanese cryptocurrency market.

On the 5th of this month, Trek Labs Japan joined the domestic self-regulatory organization JVCEA (Japan Cryptocurrency Exchange Association) as a Type 2 member. The company offers the Solana-based wallet Backpack. In November of last year, it announced that it would obtain a license from VARA (Dubai Cryptocurrency Regulatory Authority) and launch the cryptocurrency exchange Backpack Exchange.

Also on the 23rd, it was revealed that Avenir Fortune Limited, a subsidiary of the Avenir Group, has acquired all shares of Coin Estate, a cryptocurrency exchange. The Avenir Group is a family office and family asset management group that invests in emerging technologies such as cryptocurrencies.

Additionally, CoinBest, which received an order to suspend operations and improve business practices from the Kanto Regional Financial Bureau in June this year, has announced that Hong Kong-based OSL Group has signed an agreement to purchase 81.38% of the company's shares.

Reference: Gate Announcement , Coin Estate Announcement
Image: Shutterstock

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