Japanese online brokerage firm Monex Group Inc will buy Coincheck Inc, the exchange at the center of a 58 billion yen ($530 million) digital money heist, for 3.6 billion yen, the latest move by a mainstream finance firm into the cryptocurrency market. Monex, Japan’s No.3 online brokerage
Japanese online brokerage firm Monex Group Inc will buy Coincheck Inc, the exchange at the center of a 58 billion yen ($530 million) digital money heist, for 3.6 billion yen, the latest move by a mainstream finance firm into the cryptocurrency market.
Monex, Japan’s No.3 online brokerage by customer accounts, said in a statement on Friday it would buy all Coincheck’s shares on April 16 in a move that will allow it to access Coincheck’s trading platform and customer base.
The deal comes amid regulatory pressure for tighter standards at Japan’s cryptocurrency exchanges after the $530 million theft of digital money from Coincheck earlier this year.
The Financial Services Agency on Friday ordered two other exchanges to halt operations and told a third to make improvements over lapses. The punishments came after it ordered Coincheck to shore up consumer protection and curbs on money laundering.
An FSA official said it would make thorough checks on whether Coincheck implements an effective management system under Monex’s ownership.
The Monex deal shows major Japanese financial firms still see growth in the booming domestic cryptocurrency market, despite security and regulatory risks.
