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Monex Planning to Take over Coincheck Crypto Exchange

Monex Planning to Take over Coincheck Crypto Exchange

Monex Group Inc, Japanese online brokerage firm will enter cryptocurrency services in Japan. Nikkei reported that the company shared the news with major investors and regulators already.

Japanese online brokerage firm Monex Group Inc is considering to buy Coincheck Inc according to a Tuesday announcement by Nikkei. The announcement by Nikkei did not close the worth although it said there may be an announcement this week about the same.

Although Monex did not provide details, Nikkei says Monex already charted the plan out to regulators and major investors.

The report said,

“The deal with Monex suggests Coincheck deemed it difficult to comply with the regulatory requirements and rebuild its operations without external support”.

The deal would mean that another mainstream financial service will enter crypto trading in Japan. Its rival SBI Holdings Inc already has a license to run a cryptocurrency exchange although it postponed the plans in February. Other brokerages in the business include GMO Internet Inc and Money Partners Group.

Monex shares rose 23 percent, which is the maximum allowed under Tokyo Stock Exchange rules.

Line Corp also attained an approval to run a cryptocurrency exchange. This will take place through the company’s financial arm that provides money transfer and payment services to 40 million users.

Coincheck has had a rough history since losing $530 million (£377 million) to a theft earlier this year. However, there were no complete details regarding theft. Although, Coincheck gave compensation to investors affected by the hack.

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Author

David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.