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Hacked Crypto Exchange Coincheck May Be Licensed

09:57 20/12/2018

The Financial Services Agency of Japan (FSA) is preparing to issue a license to a crypto exchange, which suffered from a large-scale hacker attack in early 2018. The regulator should officially announce the legalization of the platform by the end of this year, Nikkei Asian Review reports citing its sources.

 

The license obtained from FSA will help Coincheck restore its reputation. The regulator will inspect the company’s business plan and measures taken to prevent possible hacker attacks and other failures. It is noted that 200 other trading platforms are also waiting for permission from FSA — a mandatory document for crypto exchanges in Japan.

In January 2018, hackers stole from Coincheck more than $500 million in cryptocurrency, which was stored in customers’ wallets as well. It is stressed that the trading platform was the largest one in Japan and was already waiting for a license from FSA at that time.

 

After the incident, the regulators called on all local exchanges to strengthen the security system and intensified the requirements of customer protection and anti-money laundering throughout the year. In turn, Coincheck promised to compensate the lost funds to users and has already returned almost $410 million to date.

The Japanese exchange was bought by the brokerage firm Monex Group. In a report for November, the new owner told that the consequences of the exchange hacking continue to impact negatively — in Q2, $2.3 million was spent to overcome them, and the amount increased to $5.25 million amid the relatively low trading income from July to September. Because of this, the profit of Coincheck fell by 66%.

 

As previously reported, $1 billion was stolen from crypto exchanges in 2018.

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