Japanese Regulators Grant Cryptocurrency Exchange License to Coincheck

January 11, 2019
23 Views

Japan’s Financial Services Agency has issued an operating license to Coincheck, which lost $530 million due to a hack last year.

Japan’s finance regulator, the Financial Services Agency (FSA), has granted full permission for cryptocurrency exchange Coincheck to continue operating in the country. Cointelegraph Japan reported on the development on Jan. 11, quoting an official communique.

Coincheck, which was hacked in January 2018, losing altcoin tokens worth $530 million at the time, now joins the slowly increasing number of officially sanctioned exchanges serving the Japanese market.

The step is a milestone for the exchange and for online broker Monex Group, which bought Coincheck for a nominal $33.5 million in April.

Since the interim period, developers have slowly returned functionality to users and organized refunds of stolen coins.

Japan has sought to implement a licensing scheme over the past year in the wake of unease about exchanges’ security setups. Despite heightened legislation, smaller-scale hacks have continued, with fellow platform Zaif losing around $20 million last September.

On Friday, Cointelegraph also reported on a government investigation into crypto exchange security in South Korea, which found satisfactory compliance in less than a third of platforms.

You may be interested

Debunking the ‘Bitcoin Cannot Do Smart Contracts’ Myth
Crypto News
26 views
Crypto News
26 views

Debunking the ‘Bitcoin Cannot Do Smart Contracts’ Myth

btcethereumadmin - February 18, 2019

The main selling point of systems like Ethereum and EOS is their ability to execute smart contracts, at least according…

Brock Pierce, Mark Karpeles and the War of Words Over Mt Gox’s Future
Crypto News
43 views
Crypto News
43 views

Brock Pierce, Mark Karpeles and the War of Words Over Mt Gox’s Future

btcethereumadmin - February 18, 2019

Brock Pierce wants Mt. Gox creditors to receive 100 percent of whatever they’re owed – or so he says, anyway.…

Ethereum Core Developer Quits Social Media Over ‘Conflict of Interest’ Attacks
Crypto News
26 views
Crypto News
26 views

Ethereum Core Developer Quits Social Media Over ‘Conflict of Interest’ Attacks

btcethereumadmin - February 18, 2019

Ethereum core developer Afri Schoedon is taking a step back from social media due to an onslaught of online criticism.…

Leave a Comment

Your email address will not be published.