Bitcoin Cryptocurrency General News

Coincheck Approved by the Japan’s FSA


Coincheck Approved by the Japan’s FSA

Few weeks following the rumors that Coincheck had at last achieved regulatory approval by Financial
Services Agency (FSA) of Japan, it has now been confirmed that the exchange is now finally registered
with the Kanto Financial Bureau, in accordance with Japan's Payment Service Act, effective today. The
Kanto Financial Bureau is a regional bureau which grants registration status as a subsidiary on behalf of
the FSA.

Late last year, there were reports that Coincheck had been granted a license by the Japan Financial
Services Agency (FSA), but the exchange's parent company, Monex Group refuted the claim. It said that
Coincheck had truly been seeking regulatory approval, and that when and whenever such approval was
official, it will be announced by the Monex group.

The Japan Virtual Currency Exchange Association (JVCEA) also stated in one of its publication today that
the FSA had made a public announcement that Coincheck is now a registered exchange officially with
the JVCEA, the self-regulatory body for cryptocurrency exchanges in Japan. The JVCEA was formed in
reaction to last January's Coincheck hack, which led over $500 million worth of NEM tokens stolen from
the exchange.

Several things have happened for Coincheck exchange in the last year. Immediately following the hack,
the exchange instantaneously suspended the withdrawal and purchase of all cryptocurrencies except for
bitcoin. After Monex Group acquired Coincheck in April for $34 million, the exchange then refunded
approximately 260,00 people affected by the attack. Coincheck has since then made efforts to increase
security measures, resume services, and move toward regulatory compliance.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *