Topic: Monex officially take over Coincheck (Read 104 times)

On 6 April 2018, The Japanese newswire - Nikkei Asian Review reported that the Cryptocurrency Exchange Coincheck has accepted an offer of acquiring a majority stake in a “billions of yen” deal from Japanese biggest online brokerage firm - Monex. This could be a huge change for CoinCheck’s management system while recovering from losing $ 530 million worth of NEMs in January - the biggest Cryptocurrency theft of all time.

This move taken by Monex has shown its belief in the potential of blockchain in online brokerage operations.

The detail numbers and form of investment are still in process. Till now, only the agreement’s terms and conditions were announced.

Coincheck founder - Koichiro Wada, and its chief operating officer (COO) - Yusuke Otsuka, will resign as soon as the exchange receives the investment from Monex as acquisition fee. Monex Chief Operating Officer - Toshihiko Katsuya would hold the position of Coincheck's new chairman. His experience in managing Monex has made him a perfect choice for the president to rebuild the trading platform after the $530 million theft.

Crypto exchange Coincheck has begun refunding customers who lost NEM in the Jan. hack, as well as received two improvement orders from Japan’s Financial Services Agency (FSA). The While FSA has issued licenses for 16 domestic trading floors, Coincheck was not one of them. This Tokyo-based trading floor is still using a custom license of FSA in which to control its contract with Monex. Also, The FSA will decide whether Coincheck qualifies after reviewing its operations under Monex.

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