Gate.io gets nod to launch crypto service in the US

abdelaziz Fathi

Gate.io’s US-based arm, Gate US, has been granted a license to offer virtual asset services in the United States, according to a press release on Tuesday.

Gate.io

Without revealing further details, Gate.io said it has secured regulatory approval to operate as a blockchain and digital asset infrastructure provider. The nod greenlights the exchange to launch its exchange platform and digital asset trading services to retail and institutional clients in several US states.

Lin Han, founder and president of Gate US as well as Gate Group, says that “Gate US is committed to regulatory compliance. In alignment with such commitments, Gate US has proactively registered as a money services business with FinCEN and obtained some money transmission licenses or similar to operate, and is currently working to obtain more.”

The news comes shortly after Gate.io has obtained authorisation to operate in Lithuania, which covers many business areas including crypto-asset trading, custodian service, digital asset wallet, and portfolio management.

Obtaining this Lithuanian crypto licence is a significant milestone for Gate.io and facilitates its registration in other European countries, expanding its scope of service to reach more users worldwide.

Having completed its registration as a Virtual Assets Service Provider (VASP), the approval enables Gate.io to provide both cryptocurrency exchange and wallet services. It also puts the firm on a firmer regulatory footing while offering its crypto exchange, blockchain, DeFi platform and more in compliance with local anti-money laundering and counter-terrorist financing (AML/CFT) laws.

Among other benefits, Gate.io will be able to establish relationships with traditional financial institutions like banks, which enables its customers to convert their cryptocurrency to fiat money or vice versa on the platform.

As it is looking to expand globally, Gate.io had secured in August a license to offer crypto custodial services in Hong Kong. It also launched operations in Malta after its technology unit received the regulators’ nod as a virtual financial assets service provider, allowing it to operate an exchange and offer custodian services in the country.

The move also comes in anticipation of an EU-wide regulatory framework that will grant passporting rights for crypto firm working across the continent. Set to go into effect in 2024, the proposal offers a bespoke legislative regime for markets in crypto-assets (dubbed ‘MiCA’) and relevant service providers not covered elsewhere in the EU financial services regime.

Read this next

Digital Assets

Talos acquired Cloudwall for a better portfolio management system

Cloudwall’s additional expertise in portfolio risk systems further positions Talos at the forefront of portfolio management systems across spot, futures, perps, and options.

Digital Assets

Bybit’s Bitcoin market share explodes, up by 400%

“This milestone is a testament to our sharp trading products and the loyalty of our users. As the industry evolves, Bybit remains at the forefront, ready to set new standards in the crypto trading world.”

Crypto Insider

Why Self-Custody is the Key to Secure Crypto Trading

Crypto trading is fast gaining popularity; as of writing, the total market capitalization stands at $2.3 trillion, double what it was at the onset of the 2021 bull market.

Industry News

UK FCA sues Lee Steven Maggs for FX scam Kube Trading

‘Kube Trading’ allegedly received around £2.67 million for FX trading and concealed significant losses from investors.

Market News

AUD/USD Soars Following Inflation Report

Australia’s CPI surge hints at prolonged tight monetary policy. Watch the Aussie dollar as US economic data looms.

Institutional FX

GCEX reports drop in turnover in 2023 due to crypto winter

“The crypto winter had a huge impact across the industry, and GCEX was no exception. However, in response to the decline in revenue, we have been resilient and adaptive, navigating our costs effectively and diversifying revenue streams such as introducing staking services for institutional and professional clients.”

Institutional FX

FxGrow taps Integral’s SaaS brokerage workflow

“FxGrow’s decision to partner with us is indicative of the growing advantage for brokers to leverage tier-one institutional-grade technology while maintaining control over their own platform. Integral is well-positioned to provide the SaaS solutions that will enable these businesses to better compete in the market.”

Financewire

FBS Financial Market Analysts Forecast Gold Prices to Rise to $2,800

FBS, a leading global broker that has recently launched an upgraded FBS app, projects gold price surge to $2,800 per ounce by the close of 2024.

Market News

Adapting to Global Economic Shifts Japan’s Monetary Policy in Focus

Amidst the evolving landscape of global economics, Japan’s monetary policy stands as a testament to adaptability and strategic foresight. The Bank of Japan (BoJ) has embarked on a nuanced approach to maintain stability while navigating the complexities of a changing financial environment.

<