Japanese Regulators Grant Coincheck Cryptocurrency Exchange Full License
According to a PDF document released on January 11, 2019, the Japanese Financial Services Agency (FSA) has fully licensed the Coincheck cryptocurrency exchange after the firm reportedly met all its standards.
The Storm Is over
Coincheck, reportedly known as the most popular virtual currency exchange in Japan before its hack in January 2018, has registered with the Kanto Financial Bureau as a virtual currency exchange after its approval by the Japanese Financial Service Agency (FSA).
Since falling victim to a deadly heist that saw $530 million worth of NEM (XEM) altcoins vanish from its coffers, plus the subsequent takeover by Monex Group, the platform has been slowly but steadily rebuilding its system.
In November 2018, BTCManager informed that the exchange had resumed trading of XRP and Factom altcoins.
Despite the tough times that triggered massive fear, uncertainty, and doubt (FUD) in the Japanese cryptosphere, it appears Coincheck has scaled through to be fully operational in the region. Interestingly, the platform has now made it clear that as of November 26, 2018, it has resumed full operation and cryptocurrencies can now be deposited and traded.
A closer look at the details that led to the exchange’s approval shows that the financial authorities had first pointed out that the crypto trading venue was not ready to handle customer assets, and as such, they were ordered to improve the platform’s level of security.
Accordingly, Coincheck, under the administration of Monex Group, was able to make the necessary changes, and this places the exchange among several others which have also been licensed by the FSA.
These are companies which have been mandated to follow guidelines such as anti-money laundering (AML) procedures, know-your-customer (KYC), and the delisting of anonymous cryptocurrencies.
Monex group has stated that the agency now has full knowledge of the company’s business plans and philosophy on risk management, as well as its robust customer protection policies.
FSA to Greenlight More Firms?
With the approval of Coincheck, it is expected that the FSA will give more firms its nod in the near future, as a vast array of Bitcoin-linked businesses have filed applications to the agency.
As reported by BTCManager in December 2018, the FSA revealed it had received applications from an impressive 190 firms looking to launch crypto-based operations in the state.