Coincheck: license in sight, despite the security fiasco?

the With the largest virtual robbery in the history of crypto-currencies, the Japanese trading platform Coincheck, in January 2018 for negative headlines. Due to a lack of safe Hot Wallet a group of attackers gained access to the 523 million New Economy Movement (NEM) Token with a time value equivalent to 430 million euros. With the Acquisition of the platform by the Online Broker Monex Group in April 2018 and the almost complete compensation of the robbed users of the new operator of Coincheck are now facing their last hurdle, to be able to the control to resume operation.

Ares Wekwerth
22. December 2018ShareFacebookTwitterLinkedInxingemail

some market participants enjoyed During the Boom of crypto-currencies, were amazed, others not bad, as Coincheck the trade function on your platform on 26. January 2018 is temporarily suspended. At a press conference, the founder Koichiro Wada and Yusuke Otsuka confirmed the complete loss of a total of 523 million of NEM Token. So they are not heated, only the minds of the users of the largest Bitcoin exchange in Japan.

The Japanese financial Supervisory authority (FSA), responded with in-depth investigations to the internal procedure of the various platforms in Japan. In the course of the investigation, the authorities found that the assets of the customer are often not separated from those of the Exchanges. Also an unreliable implementation of the Know-Your-Customer procedure, the authorities took the occasion to exacerbate the compulsory licensing of trading platforms.

Coincheck keeps the pressure

While a variety of trading platforms to the ever-increasing pressure of the regulatory authorities has not grown to see and their platforms to voluntarily close, Coincheck of the challenge under the new leadership of the Monex Group. With the full Takeover of Coincheck, the platform is contrary to the request of the FSA, the safety guidelines.

financial Supervisory authority license

With supposedly good news, reports the Nikkei Asia on Wednesday, the 19. December, the issue of the long-awaited license until the end of the current year. The FSA, as it was initially called, would be with the development Coinchecks in terms of the strict requirements satisfied. A little later, the Monex Group is revised in an official press write to the rumors, for the grant of the licence:

"The Coincheck, Inc. is currently in the Review as a crypto-currency trading platform. However, not a fact to the final adoption of the registry currently exists.“,

as Monex. Now it is, so first of all, the decision of the regulators to be seen.