Coincheck confirms acquisition news
Earlier this year in January Coincheck, a crypto exchange from Japan experienced a huge theft of digital currency.
Since then the exchange has been under scrutiny by Japan Financial Services Agency. The FSA also advised the affected digital coin exchange officials to step down and discontinue their service.
During the same time, one of Japan’s largest online brokerage firm Monex offered to acquire Coincheck. Till now Coincheck did not comment on the topic but has recently agreed to the acquisition story.
The crypto exchange will switch its management in order to regain their investor's trust. Monex chief operating officer (CFO) Toshihiko Katsuya is expected to take over as the new president.
Recently in January, Coincheck experienced a loss of $530 million worth (at the time of the theft) cryptocurrency owned by its customers. The exchange has been since refunding the amount to its users via its own funds.
In the new deal, Coincheck is expected to receive a fresh capital from the brokerage firm. However, the final amount is yet to be declared.
Monex has been trying to get into the crypto business for a long time and with this advancement wishes to improve its financial services.
As Coincheck has a huge database, Monex will be at the receiving side making best of the records.
Despite the acquisition, Coincheck is in the process of applying for a license from the FSA, following the regulator’s decision to have a license in order to perform.
The Japan agency will take a call post reviewing operations of the exchange after the acquisition.
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