Published: 2018-10-30 18:37:11
Monex Group Says Coincheck Exchange's Deposits and Withdrawals are Back Open

Monex Group is a Japanese online broker that bought Coincheck, the crypto exchange that was hacked a while back. Group announced that people could now sign up for new accounts. Besides that, they would allow some limited trading in a statement they released on October 30, 2018.

Gradual Coincheck Reboot

This is the latest step in a continued reboot of the disgraced exchange. Besides that, users could start making deposits and buying some crypto coins. However, the list of coins that can be bought is still limited.

Starting on October 30 it will be possible to deposit BTC, LTC, BCH, ETC. The purchase options have now been extended to the three altcoins. BTC has been available for purchase since Monex bought the exchange.

Monex also has plans to introduce ETH, LSK, XEM, XRP, and FCT. However, this will only happen after extensive checks to confirm that the coins are safe for use on the exchange. For those that feel they need to open an account with Coincheck, this will be done after strict KYC compliance. This will follow the rules set up by regulators in Japan.

The results of a fiscal audit showed that Coincheck had seen its revenue drop by 66 percent in Q3 2018. The Group bought this hacked exchange for about $33.5 million in April. They immediately made public their plan to revive it. However, this time, it would comply with all government laws. The exchange was hacked in January 2018 and it lost about $534 million. This was one of the largest hacks in the history of crypto.

The New Regulations for Crypto in Japan

The Financial Services Agency of Japan said that it wanted to boost its personal by 12 people. This way, it could handle the growing list of applications for exchanges that wish to have full licensing.

During an exchange study group held in September, the agency said that they were currently carrying out oversight of exchanges with a team of about 30 people. The work of this team entails reviewing applications to be licensed.

An official of the FSA said that with more than 160 application, the team lacked the manpower to handle the number. Thus, they needed to hire 12 more people to handle the issue. This hiring was going to take place in 2019.

After the meeting, a document that was released showed the agency had handled 16 cases thus far. Out of this, twelve had withdrawn their applications and one had been rejected. Three, which include Coincheck, are awaiting a final ruling.

In the document, it was stated that the FSA planned to tighten its risk profiling for exchange in Japan. It also wanted to increase its cooperation with various agencies and ministries both within and outside Japan.

Various Risks

In the document, it was stated that the AML and terrorism finance prevention is still below par. Besides that, issues such as internal audits, risk management, and governance were still a cause for concern.

The views and opinions expressed in the article Monex Group Says Coincheck Exchange’s Deposits and Withdrawals are Back Open do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.

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