Gate.io, a prominent cryptocurrency exchange, has announced the cessation of its operations in Japan, citing compliance challenges within the nation.

The exchange, headquartered in George Town, Cayman Islands, disclosed that it would adhere to Japanese laws and regulations, assisting its clients in transitioning to compliant cryptocurrency exchanges within Japan. Notably, Gate.io’s website lacks evidence of regulatory approval in Japan.

“Gate.io, as a global leader in cryptocurrency exchanges, endeavors to comply with financial regulations across all regions of operation,” stated a blog post from the company. “In alignment with this commitment, we regretfully announce the termination of our services in Japan.”

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The decision’s connection to “regulatory pressures and compliance requests” from Japan’s Financial Services Agency (FSA) remains ambiguous, though one report suggests this may be the case. Gate.io is not listed as a registered entity on the FSA website, and both the FSA and Gate.io did not immediately respond to CoinDesk’s requests for comment.

Effective immediately, Gate.io has suspended the creation of new accounts for Japanese residents. Further details regarding the suspension schedule, in line with compliance requests from Japanese authorities, will be disclosed in due course, according to the company.

Japan’s Financial Services Agency had previously issued warnings to four other cryptocurrency exchanges operating without proper registration. The infamous Mt. Gox hack in 2014 spurred Japan to become one of the earliest adopters of stringent cryptocurrency exchange regulations, boasting some of the world’s most rigorous consumer protection laws.