Gate.io Pledges Full Compensation After System Upgrade

Crypto exchange Gate.io will fully compensate users impacted by an emergency upgrade to its futures platform on April 23, citing “excessive traffic” as the cause of the disruption.

The exchange temporarily suspended its futures and copy trading services at 9:30 UTC to carry out urgent system expansion. Spot trading, deposits, withdrawals, and other services remained unaffected during the upgrade, Gate.io said in a statement posted on X.

“All affected services have now returned to normal,” the company confirmed. “We will provide 100% compensation for any user losses incurred during the upgrade, excluding those caused by market fluctuations.”

Gate.io has not yet detailed how compensation will be calculated, nor whether users impacted by margin calls due to price moves during the downtime will be covered.

The platform’s native token, GateToken (GT), dipped less than 2% following the incident and is currently trading at $23.72, with a market cap of $2.9 billion, according to TradingView data.

Gate.io, now in its 12th year, ranks as the 11th largest exchange by spot volume globally, processing nearly $50 billion in trades over the past month, according to CoinGecko.

Earlier this year, Gate.io became the sleeve sponsor of Inter Milan for the 2024-25 season. While the financial details and the duration of the Gate.io deal have not been disclosed, the crypto exchange stepped in as the new sleeve sponsor, replacing eBay.

The collaboration between Gate.io and Inter Milan goes beyond just kit sponsorship. Fans have access to exclusive content, joint marketing activations, and co-branded merchandise through this partnership.

With this deal, Gate.io joins other cryptocurrency platforms like BingX, Kraken, and OKX, which have secured similar sponsorships with English football clubs Chelsea, Tottenham Hotspur, and Manchester City, respectively.

The sponsorship came shortly after Gate.io shelved plans to launch in Hong Kong and had withdrawn its application for a virtual asset service provider (VASP) license.

Gate.io’s US-based arm, Gate US, is licensed to offer virtual asset services in the United States. It holds regulatory approval to operate as a blockchain and digital asset infrastructure provider.

Gate.io also obtained authorisation to operate in Lithuania, which covers many business areas including crypto-asset trading, custodian service, digital asset wallet, and portfolio management.