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Coincheck Wins FSA Approval

By

Alison

Berreman

WriterETHNews.com

Nearly a year after being hacked, the exchange has attained FSA licensure.

Almost a month after rumors emerged that Coincheck had at last achieved regulatory approval by Japan's Financial Services Agency (FSA), it has now been confirmed that the exchange is registered with the Kanto Financial Bureau, in accordance with Japan's Payment Service Act, effective today. The Kanto Financial Bureau is a regional bureau that grants registration status on behalf of the FSA.

On December 19, the Nikkei Asian Review published an article claiming that the Japan Financial Services Agency (FSA) had granted the license to Coincheck, but Monex Group, the exchange's parent company, refuted the claim. It acknowledged that Coincheck had been seeking regulatory approval, and that when and if such approval was official, Monex group would make an announcement.

The Japan Virtual Currency Exchange Association (JVCEA) also published a notice today stating that the FSA had made a public announcement that Coincheck is now officially a registered exchange with the JVCEA, the self-regulatory body for cryptocurrency exchanges in Japan. The JVCEA was formed in reaction to last January's Coincheck hack, which led to the theft of over $500 million worth of NEM tokens from the exchange

A lot has happened for Coincheck in the last year. Immediately following the hack, the exchange suspended the withdrawal and purchase of all cryptocurrencies except for bitcoin. The exchange then refunded approximately 260,00 people affected by the attack. With the help of Monex Group, which acquired Coincheck in April for $34 million, Coincheck made efforts to increase security measures, resume services, and move toward regulatory compliance.

Alison Berreman

Alison has a master’s in English from the University of Wyoming. She lives with her pooch in Reno. Her favorite things to do include binge listening to podcasts, getting her chuckles via dog memes, and spending as much time outside as possible.

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