Japan gives the thumbs up to Coincheck to continue business following 2018 hack

31 Jan, 2019
by Ryan Boltman
News
Japan gives the thumbs up to Coincheck to continue business following 2018 hack

The Japanese Financial Service Agency (FSA) has given cryptocurrency exchange Coincheck the green light to operate as an exchange once again, following the 2018 hack. 

Coincheck has had a tumultuous 12 months following the $530m hack of NEM which occured in January 2018. Since then the exchange has been updating its service offering and security measures. The exchange was also purchased by Monex Group for $33.5 million and went back into operation by November 2018.

 Read More: Japanese FSA planning to force improvements on major crypto exchanges

The FSA had stalled the process for all new exchanges to operate following the hack. Finally, the FSA has granted Coincheck to operate as a an authorized cryptocurrency exchange according to the Japan Times. 

The Japanese FSA strictly manages virtual currency exchanges and companies are not allowed to operate without FSA approval.

With the FSA greenlighting Coincheck, the exchanges can get back to business and potentially rebuild what it lost in 2018. Coincheck CEO Toshihiko Katsuya spoke of the news saying "The managerial environment of the cryptocurrency industry changes rapidly. We must make unceasing efforts to improve security and internal control,”

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

The news is step forward for Coincheck as well as Japan, as the FSA can continue to look at adding more FSA approved offerings in the country.

Read more about: CoinCheck Japan

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