Coincheck Gets Registered as a Crypto Exchange

Japanese crypto exchange Coincheck announced today that it has been registered as a cryptocurrency exchange with the Kanto Financial Bureau.

Coincheck was forced to terminate its operations in early-2018 after a major attack on the exchange that resulted in the theft of $534 million worth of NEM tokens - the largest crypto heist to date. The chaos alarmed the Financial Services Agency (FSA), the country’s financial watchdog, which in turn imposed strict laws on the business practices of crypto exchanges operating in the country.

The exchange also received multiple warnings from the FSA after the hack for maintaining a sub-par operational environment.

“Coincheck has given a full explanation to the agency on the firm’s business descriptions, plans, and basic philosophy on Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, as well as on the development of the firm’s governance with concrete internal controls and customer protection in mind,” Coincheck noted in the official press release.

Coincheck is Back from the Dead

At the time of the hack, Coincheck is said to have been the largest cryptocurrency exchange in Japan. However, the hack created a massive dent on its books as the exchange announced a reimbursement of $0.81 for each dollar of the stolen NEM using internal funding to all the victims.

In April 2018, Monex, a Japanese online trading giant, announced that it was taking over the exchange for just over $33.5 million and committed to rebuilding the trading platform.

The Japanese authorities also issued a provisional permit to the exchange to continue its operation while its registration application was under process.

In November, Monex reopened the exchange and allowed its users to trade Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term maintaining all operational features.

“With the registration as a cryptocurrency exchange agency serving as a milestone, Coincheck strives to continue offering reliable services for our current and prospective customers in a safe and stable manner. Coincheck is also committed to further strengthening security and enhancing usability,” the note added further assuring its customers.