Hacked Crypto Exchange Coincheck Looks to Secure a License In Japan from FSA Financial Regulator

Do you remember Coincheck? The Japanese crypto exchange was hacked at the beginning of the year, in January. The company had half a billion dollars stolen in cryptos, mostly NEM tokens, was sold to Monex for only $33 million USD back in October.

Now, the company is set to be managed by another company which wants to not only guide Coincheck to new enterprises but also to clean its image after the hack. Coincheck is now chasing a crypto license of the Financial Services Agency (FSA) to operate legally in Japan.

A Japanese media outlet, Nikkei Asian Review, has recently reported that Coincheck is supposed to receive a license from the FSA until the end of 2018. The exclusive information comes from trusted sources which affirm that, despite 200 companies being in line for the license, Monex was able to grab one for Coincheck.

According to the original report, the announcement will have by the end of the year and will close the tumultuous 2018 of the company. Coincheck was the largest crypto exchange in the country by the time of the hack and will have to prove to its clients that it has upgraded its game. After being purchased by Monex, the company sought to improve both its security and its customer services.

If the information is actually correct, it might mean that Monex made a good job here. After the exchange was hacked, it was ordered twice by the FSA to improve its overall business practices. Monex has improved the company and helped Coincheck to compensate the clients.

The FSA is reported to be very thorough when analyzing companies that will receive licenses to operate in the country, so Coincheck needs to have a solid business plan and, especially, more anti-hacking and security measures so that the exchange is not attacked once more.

Publication date: 
12/19/2018 - 17:07
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