Gate Group, the operator of the cryptocurrency exchange platform Gate.io, has officially announced its acquisition of all issued shares in Coin Master, a Japanese cryptocurrency service provider.
The financial terms of the deal were not disclosed.
The acquisition was executed through Gate Japan K.K., a Singapore-based subsidiary of Gate Group.
Following the transaction, Coin Master will be renamed Gate Japan K.K., signifying Gate Group’s formal entry into the Japanese market.
The move follows Gate.io’s earlier announcement on 22 July 2024, that it would discontinue the opening of new accounts for users residing in Japan and phase out its global services for Japanese customers. This decision was attributed to the platform’s aim of aligning with Japan’s regulatory requirements.
The acquisition of Coin Master positions Gate Group to deliver a digital asset trading platform tailored to local regulations, underlining its commitment to meeting the needs of Japanese users while expanding its presence in the region.
Japan, recognised as a major global economy, continues to refine its regulatory framework for digital assets. In this evolving landscape, Gate Group has reiterated its dedication to compliance with local laws, aiming to ensure transparency and adherence to regulatory standards in its operations.
The group also highlighted its goal of contributing to the sustainable development of the digital asset industry on a global scale while maintaining alignment with regional regulations.
The acquisition is expected to bolster Gate Group’s ability to offer innovative products and services in the Japanese market.
By leveraging its technological expertise and global resources, Gate Japan K.K. intends to enhance the trading experience for local users. This initiative aligns with Gate Group’s strategy to strengthen its localized operations and expand its service offerings in key markets.
