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Cryptocurrency Exchange Coincheck Will Get A License This Year

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Financial Services Agency (FSA) of Japan approved an application for a license by Coincheck cryptocurrency exchange. According to the Nikkei news agency, the FSA will issue a license later this year, however, representatives of the exchange have not confirmed this information yet.

Unknown attackers hacked Coincheck in January 2018. Fraudsters managed to take advantage of the security vulnerabilities in the website and steal digital assets worth $ 500 million. After the attack on Coincheck, the Financial Services Agency tightened the requirements for crypto companies and complicated the decision-making procedure for issuing a license. Because of this, employees of the department do not have time to consider the applications of companies on time: the number of applicants has increased from 160 to 200 since October of this year.

In mid-April, Coincheck became a subsidiary of the Japanese financial company Monex Group. The exchange resumed operations in November and listed the Ethereum (ETH) and Lisk (LSK) digital assets. According to Monex, they managed to significantly increase the level of exchange security, the company fully complied with the FSA regulations and complied with the requirements of legislation in the field of consumer protection. It also uses mechanisms aimed at combating illegal financial transactions and money laundering. That is why the officials made a positive decision on the Coincheck application.

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