Japan's Coincheck gets official liscense one year after massive hack took it down

11 Jan, 2019
by David Borman
Exchange
Japan's Coincheck gets official liscense one year after massive hack took it down

It's being reported by Coindesk that the Japanese exchange Coincheck has just been awarded an official liscense to operate as a cryptocurrency exchange by the  Kanto Financial Bureau. This comes almost exactly one year after a major hack on the exchange saw the theft of $530 million, which temporarily brought the operation to its knees.

In January of 2018 Coincheck was hacked resulting in the loss of about 500 million NEM tokens, which caused the Financial Services Agency (FSA) to order the exchange to enhance all of its security measures as well as submit a business management improvement plan as to how it would get back on track.

After this the exchange was purchased by Monex Group for $33.5 million and by November of last year the exchange had resumed operations. Now, 12 months after the incident, the exchange has been officially registered and is liscensed to operate.

This comes as more and more exchanges in Japan are becoming liscensed so they can fall under the regulation of the FSA. Hopefully this trend continues so that incidents like last years hack remain a thing of the past.

Read more: Five more exchanges join Japan's self-regulatory crypto body, Almost a year after infamous hack, Coincheck reopens trading for XRP

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Read more about:CoinCheckHack

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