Coincheck, a newly acquired exchange platform by Monex group to open a US-based trading platform. Coincheck is Japanese exchange that was hacked in January of this year of $534 million worth of cryptocurrencies and was acquired by Monex Group Inc., a Japanese online brokerage at the value 3.6 billion Yen ( $33 million).
Coincheck’s U.S. Trading Platform
Coincheck to open a US-based trading platform. The owner of the exchange announced this, reports Cointelegraph Japan. The Monex Group Inc. bought the exchange at a value of 3.6 billion Yen in April, after the exchange landed in the deep blue sea of hacking to the tune of $534 in January.
Monex Group plans to establish a TradeStation Crypto Inc. as a cryptocurrency focused supplementary of TradeStation, a securities brokerage firm that was bought in 2011. The plan was as revealed in the summary of a data from a financial briefing of the company on Friday. There is also plans to start Coincheck fully next month, as told by the CEO of Monex group, Oki Matsumoto.
Oki Matsumoto had previously forecasted the exchange, Coincheck to start entirely in June, but has not started due to the delay in obtaining a license from Japan’s financial regulator, the Financial Services Authority (FSA).
However, the CEO is very sure of getting the license, with Cybersecurity and internal control already put in place for the exchange. Full resumption of the exchange services will start next month and also the US-based exchange office.
Meanwhile, Coincheck has continued to function since the acquisition by Monex Group Inc, even though it has not been on an enormous scale. As stated in April by Monex,
“Coincheck is in the process of enhancing its governance and internal control after receiving the business improvement order from the Kanto Local Finance Bureau…”
The company has made a significant restructuring towards boosting Coincheck, despite the level of doubt that trailed it after the hack on January 26.
Four anonymous focused altcoins were removed from Coincheck’s order book in May, while the plan to expand to the U.S. was first made known.
Matsumoto views Europe and U.S. as the top destination for cryptocurrency security and attracting investors, even though Japan is far ahead of these places in the cryptocurrency venture. As expressed by Matsumoto, the fear of lack of securities for the Japanese exchanges is still a primary concern as many are still seeking to obtain FSA license.
For cryptocurrency to be more legalized, the security of most of the exchanges needs to be guaranteed. As well as the increase of security for cryptocurrency exchange in Japan. Meanwhile, Coincheck continues to boom and expand under the Monex Group Inc.