Gate enters the US market with spot trading as regulatory landscape shows signs of progress. Crypto exchange Gate is launching in the United States, offering spot trading services to US customers for the first time. Founded in 2013 by Chinese scientist Lin Han, the company cited improved regulatory clarity in the country as the reason behind the move. According to Gate, it will initially offer crypto trading pairs for US customers, with upcoming services for fiat on- and off-ramps and support for custodial wallets. As of July 24, the exchange offered over 3,800 trading pairs on its platform, one of the largest asset varieties in the market. Spot trading volume on Gate reached $6.8 billion in the past 24-hours, according to CoinMarketCap. Read more
Asian media outlets report unverified rumors of Chinese ban on owning Bitcoin, Gate.io faces $30M bill after perps liquidation fiasco: Asia Express The crypto industry has never been short on rumors suggesting that China is preparing to unban Bitcoin since the nations 2021 crackdown on crypto trading and mining. But this past week, the narrative flipped, with some media outlets claiming that China is now banning Bitcoin ownership outright. One of the most widely circulated stories came from India-based Financial Express, which cited a supposed Binance report. Magazine found no such report authored by Binance, and the exchange did not respond to a request for comment. Magazine also found no supporting reports from Chinese state media or official government sources. Read more