The development of Monex with Coincheck
Monex is a crypto group that has purchased the Coincheck cryptocurrency exchange which happened back in April of 2018. The group later released a letter on Wednesday stating that it will be refuting an article that has claimed that the exchange has received official approval of the Japanese Financial Services Agency (FSA).
This group was in a review by the Nikkei Asian on December the 19th which asserted that the Coincheck’s exchange license would be approved by the FSA, with an announcement coming by the end of the year.
According to a letter from Monex which was released during the day the media reported that the matter is not based on an announcement from the department. There is still more information that needs to be released about the nature of this crypto exchange acquisition and its current situation.
Coincheck to clean up its act after licenses is granted
According to reports coming from the Monex group the exchange is being reviewed for a license, however there has still not been any facts regarding the registration of the exchange.
In a statement that was given by Nikkei Asian review, the Monex group has embattled the exchange back in April, when hackers managed to move about $511 million dollars worth of cryptocurrency in January.
After the hack the FSA issued two orders to the exchange as this could boost business operations and offer patches in its vulnerabilities, Which was related to customer protection laws together with anti-money laundering. The FSA has acknowledged the way Coincheck has improved its system after being purchase by Monex and has decided to help the group further. After the hack the group is said to have paid out more than 46 billion Japanese Yen to clients as compensation which is around $411 million.
Coincheck is coming to the market with some great results
According to reports in late October by CryptoGlobe this exchange was able to open new account signups, that made users carryout a limited amount of trade which started on October the 30th.
The Monex Group has informed that users will be able to buy and deposite Ethereum Classic, Bitcoin and Litecoin. The exchange previously only offered the ability to trade in bitcoin on the platform. The Monex group suffered a great investment lost because of the security infrastructure, and operational, but is working on recovering all investment funds. While looking forward to its license for full operation.
What do you think of this exchange that is coming back on the crypto market? Please feel free to leave your comments down below.