Home News Exchange Cryptocurrency Exchange Coincheck Receives License

Cryptocurrency Exchange Coincheck Receives License

January 11, 2019 16:50
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Japanese cryptocurrency exchange, Coincheck can officially declare that it has had a great start to the new year. Just a year ago, there was a hack at the exchange which resulted in all exchanges coming under scrutiny of regulators.

The exchange said it had rectified all the business improvement orders and was registered as a cryptocurrency exchange again. In an official press release, the exchange said, “In accordance with the “Registration Review Process of Virtual Currency Exchange Agency” announced on October 24, 2018 by the Financial Services Agency (FSA), the Company provides the Agency with the basic concept of our business, business plan and risk management, we have explained the internal management system and the status of improvement of governance system with user protection in mind.”

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If readers may recollect, the exchange had its license revoked soon after the hack.

Last year, after the hack, when the exchange had lost $530 million worth of NEM tokens, the FSA had conducted a raid on the office premises of exchange, looking through the papers and computers for evidence. The raid was also directed to find whether the exchange has the ability to refund investors it has promised. Coincheck had announced a compensation of $0.81 for each stolen token.

At the time, Japan’s finance minister, Taro Aso, said that the raid was conducted to ensure security for the users. “On Friday morning, 10 FSA officials entered Coincheck’s premises to gain a better understanding of how the exchange is operating in light of the regulator’s business improvement order imposed earlier this week,” an agency official told reporters in Tokyo.

The exchange further said, “With the cooperation of external experts, we have improved technical safety. Then, we restarted in a phased manner from the service which confirmed technical safety, and on 26th November 2018 we can deposit / withdraw, purchase and sell all virtual currencies handled by us.”

It added, that going forward, with the reinstatement of the exchange’s license, it would be happy to bring in more customers, this coming year.

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