Crypto Exchange Coincheck Accepts Monex Takeover Offer – Reportbr>
Citing sources, local publication Japan Times said the acquisition will be officially announced on Friday. While the exact terms of the deal remain unknown at the moment, Monex is expected to pay Coincheck several billion Japanese yen for its majority stake. Coincheck will reportedly change the management team in an attempt to regain investor trust following the hack that saw over $400 million in XEM tokens stolen in January.
As soon as Coincheck receives the new capital, founding president Koichiro Wada and chief operating officer Yusuke Otsuka will step down. Monex chief operating officer Toshihiko Katsuya will be taking over as the new president. The report said Katsuya’s experience as president of Monex’s online brokerage arm makes him ‘a sound choice to rebuild the hacked cryptocurrency exchange.
Coincheck was twice ordered to improve its operations by Japan’s Financial Services Agency (FSA) following the hack. The regulator demanded an overhaul of the exchange’s operations and clarification of management responsibility. Coincheck is still applying for a license from the FSA. Once the deal is fully finalized, the regulator will decide whether Coincheck qualifies after reviewing its operations under new management.
Monex, which has a wide portfolio of brokerages worldwide, has been considering a secure and socially responsible cryptocurrency business. Monex’s acquisition of Coincheck would mark the company’s first foray into the crypto space.