Hacked Crypto Exchange Coincheck To Receive License From Japan’s Financial Regulatorbr>
Japanese crypto exchange Coincheck will reportedly receive approval to operate as a licensed cryptocurrency exchange from Japan’s financial regulator this month.
News publication Nikkei Asian Review reported that Japan’s Financial Services Agency (FSA) has decided to approve Coincheck’s cryptocurrency exchange license after the exchange improved its governance in the wake of one of the biggest crypto thefts in January of this year. The exchange has been operating on a provisional basis while regulators were considering its application for a license. The 58 billion yen ($511M USD) hack forced Coincheck to halt all operations, leaving its clients with no sell option.
Following the hack, the exchange received two business improvement orders from the FSA, with a particular focus on improving its customer protection and anti-money-laundering (AML) measures. In April, Monex Group, the Japan-based online brokerage firm, acquired the crypto exchange for 3.6 billion yen (33M USD).
Under the new management, Coincheck has reportedly taken measures to revise how it selects what cryptocurrencies it will handle, and also reimbursed customers affected by the hack to the tune of 46 billion yen ($409M USD). Earlier this month, Monex announced that they are planning to expand their crypto trading offerings to US-based customers in the first quarter 2019.