According to an announcement by a cryptocurrency exchange platform, Gate.io and Financial Services Agency of Japan (FSA) today, Gate Group has successfully acquired all issued shares of Coin Master Co., Ltd., a Japanese cryptocurrency service provider.
The acquisition was carried out through?Gate Information Pte. Ltd 「CEO: Lin Han」, a Singaporean entity, which is a part of Gate Group. As of today, Coin Master Co., Ltd. has been renamed “Gate Japan K.K.” (“Gate Japan”), marking a significant step in Gate Group’s expansion into the Japanese market.
This strategic acquisition not only solidifies Gate Group’s presence in Japan but also enhances its ability to offer tailored digital asset solutions, fostering a more localized and user-centric approach in the Japanese crypto landscape.
Gate.io announced on July 22, 2024, that it would cease opening new accounts for users residing in Japan and gradually phase out its global services for Japanese users. This strategic move aligns with Gate.io’s commitments to comply with local laws and regulations in Japan . In this context, Gate Group has acquired Coin Master Co., Ltd. with the aim of providing a localized digital asset trading platform that complies with local regulations, thereby reinforcing Gate Group’s commitment to meeting the specific needs of Japanese users and further expanding its business operations in Japan.