Japanese Crypto Exchange Coincheck Granted a License, a Year after $530 Million Hack

Nearly one year after a $0.5 billion hacking incident, Coincheck has been handed a cryptocurrency exchange license. In a statement, the exchange’s operator indicated that beginning January 11, 2019, it is now registered as a cryptocurrency exchange agency with the Kanto Financial Bureau, the overseeing regulator. This is the first time Coincheck will be operating as a licensed outfit. At the time of the hack when the exchange lost New Economy Movement (NEM) tokens with a combined worth of more than $500 million, the firm was awaiting a license. Registration Requirements To get the license, Coincheck had to meet the registration requirements for crypto exchanges as was set out by Japan’s financial regulator last year. The firm also had to demonstrate that it had internal controls in place necessary to ensure customers had adequate protections: …Coincheck has given a full explanation to the agency on the firm’s business descriptions, plans,…

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