Japanese Coincheck Crypto Exchange Receives License For Operation
The Financial Services Agency of Japan (FSA) has decided to grant a full operation license to the Coincheck crypto exchange, Cointelegraph Japan reports, referring to the official communiqué of the regulatory organization.
The year 2018 turned out to be very problematic for the Coincheck trading platform. In January, the exchange was hacked by intruders who managed to steal cryptocurrency for $530 million. Subsequently, the incident was investigated for a long time, the company was restoring its reputation. Now, having received a work permit, it joined the crypto platforms, the operation of which fully complies with the requirements of regulatory organizations.
The FSA decision is a big step for Coincheck and the online broker Monex Group, which acquired the crypto platform for $33.5 million in April 2018 and undertook to restore its reputation. Since spring, programmers have gradually restored the exchange’s functions related to the security of accounts, and the company returned the stolen funds to customers.
It was the Coincheck incident that made Japan’s financial regulatory organizations pay close attention to the activities of crypto exchanges. Throughout 2018, FSA conducted several inspections of trading platforms, and so far not all of them received the license due to non-compliance with security requirements. Besides, the case with Coincheck was not the last one. In September, the Zaif exchange was attacked, hackers stole about $20 million from users' accounts.
Earlier, the FSA of Japan published a document outlining the core aspects regarding cryptocurrencies and the organization of ICO.