Gate.io Crypto Exchange Confirms its SFC License Application

Gate Group, the owner of the Gate.io crypto exchange trading brand, has confirmed to apply for regulatory approval with the Securities and Futures Commission (SFC) in Hong Kong. It is, thus, another cryptocurrency platform that wants to join the local market before the new digital assets' regulations take effect in June.

Gate.io Awaits SFC Authorization

According to the recent press release, Gate Group has already applied for an SFC license and is planning to pursue the Virtual Asset Service Provider (VASP) License under the anti-money laundering laws to trade non-security tokens. Additionally, the crypto exchange wants to apply for Licenses under the Securities and Futures Ordinance for Type 1 (Securities Dealing) and Type 7 (Automated Trading Services Provision) regulated activities to facilitate security token trading.

In February, the exchange obtained a Trust and Corporate Service Provider (TCSP) license from the Company Registry in Hong Kong, allowing the Group to offer virtual assets custody services. Additionally, it announced intentions to launch a local Gate HK branch that will comply with the special administrative region's licensing requirements. The information and an update on applying for SFC authorization were confirmed this week.

"The anticipated VASP Licences will ensure Gate HK maintains the highest standards of security and regulatory compliance, fostering trust and confidence among its customers. Gate Group is eager to contribute to the groundbreaking Web3 Festival in Hong Kong and support the ongoing development and expansion of the Web3 ecosystem," the company commented in the statement.

Gate.io Launches Gate Wealth

Additionally, the leading crypto exchange has unveiled a novel wealth management solution called Gate Wealth. This service aims to deliver tailored wealth management options to cryptocurrency investors worldwide, assisting them in efficiently managing their digital assets.

Gate Wealth presents a selection of investment instruments and structured products. These encompass interval interest calculation, double no-touch, compounding, and quantitative strategies. In addition, the platform devises personalized product solutions to address users' income, asset protection, and leverage ratio requirements.

"Gate Wealth is a new wealth management product launched by Gate.io to provide investors with considerate and efficient services. With the rapid development of the encryption market and increasingly fierce competition, Gate Wealth aims to bring better investment experience and more opportunities for global crypto investors," Dr Han Lin, the Founder and CEO of Gate.io, said.

Lin underscored that Gate.io is eager to delve into the thriving cryptocurrency landscape alongside its clients, jointly pursuing their mutual wealth growth objectives.

Traction after FTX Collapse

In the immediate aftermath of the FTX cryptocurrency exchange's downfall, retail investors predominantly gravitated towards Crypto.com and Gate.io platforms, as highlighted by a recent analysis carried out by Trading Browsers, a digital assets analytics tool.

In the wake of the FTX ecosystem collapse, Trading Browsers conducted an analysis of the largest cryptocurrency exchanges to determine which experienced the most significant growth in Google Search and trading volumes from November 9 to 13, 2022.

Source: Trading Browsers

The research findings revealed that Crypto.com experienced a remarkable uptick of 333% in Google searches and an increase of 232% in trading volume during the specified timeframe. On top of that, Gate.io saw a substantial rise in search interest, with an increase of 300%, and a considerable boost of 181% in overall trading volume.

A few months ago, Gate.io's US subsidiary, Gate US, obtained multiple state licenses to expand its crypto exchange operations. However, services for US customers remain pending amid ongoing regulations. Meanwhile, Gate.io launched GateTR, a cryptocurrency exchange tailored to Turkey's market, catering to the country's eight million active digital asset traders.