Business 31 October 2018

Erik Gibbs

Coincheck begins to accept new customers, relaunches deposit, withdrawal support

The Japanese cryptocurrency exchange Coincheck is back in business—sort of. According to a statement (in pdf) by the exchange’s parent company, Monex Group, the platform has now relaunched new account registrations. It has also begun to offer deposit and withdrawal support for a limited number of cryptocurrencies.

As of Tuesday, users can now make deposits in either Bitcoin BCH, Bitcoin Core (BTC), Litecoin (LTC) or Ethereum Classic (ETC). Since Monex took over the exchange following a hack this past January, only BTC purchases were still allowed. The move is the latest in the company’s plan to put the exchange back on its feet and operate normally.

Monex indicated that it could eventually support other coins, such as Ethereum (ETH), Lisk (LSK), Ripple (XRP), NEM (XEM) and Factom (FCT) “if the services are confirmed safe and become ready to be offered.”

The company added, “Please be reminded that if the remittance has been directed to the old deposit address or to the deposit address of other cryptocurrencies, we will not be able to reflect on the balance or to return back that particular cryptocurrency.” Existing customers will need to generate a new deposit address when they return to the platform.

In order to receive regulatory approval by Japan’s Financial Services Authority (FSA), all new users will now have to submit to a Know Your Customer process in order to identify the individual. This is one of many requirements the FSA has implemented after it began investigating the company following the January hack.

Deposits will be allowed through area convenience stores and quick deposits in Japanese Yen. They can also be made through Coincheck Payment and Coincheck DENKI services. However, Monex cautions that it will periodically review all deposit methods and could suspend any that it feels is not acting in accordance with regulations.

Monex is hoping to reverse a trend that has seen the exchange lose money since the hack. Not only did thieves get away with over $520 million in cryptocurrencies, the company has been sliding downhill since. Monex recently released its financial report for the most recent quarter, indicating that it had dropped around $5 million in revenue. This was a 66% decline in revenue from the previous quarter.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

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