Coincheck to be Licensed by the End of 2018

As reported, regulator will make an official announcement about this before the end of the year
19 December 2018   622

The Financial Services Agency of Japan (FSA) has issued an operating license to the Coincheck cryptocurrency exchange, Nikkei Asian Review reports. The regulator will make an official announcement about this before the end of the year.

Coincheck was hacked in January of this year, when over $ 500 million in NEM cryptocurrency was stolen from. Following this, the FSA has initiated a large-scale verification of cryptocurrency exchanges in the market under its control.

While the license is a prerequisite for the provision of cryptocurrency exchange services in Japan, the FSA has tightened requirements for applicants amid recent events. As of mid-October, 160 companies were expecting a response from the regulator, and today there are already about 200, reports the Nikkei.

Following the incident, Coincheck received two orders on its platform to improve operational processes, protect customers, and counter money laundering. In mid-April, the exchange was bought by the brokerage company Monex Group.

According to the Nikkei, the FSA re-assessed protective measures and other critical Coincheck systems and found that they were improved enough to justify issuing a license to the company. Among other things, the exchange made adjustments to the list of cryptocurrencies represented on its platform and compensated for the losses of users.

Coinone to Join RippleNet

Coinone and Ripple cooperation started in May 2018, and now exchange believes it will help to create wide range of blockchain based financial services
18 June 2019   171

The Korean exchange Coinone, a member of the Big Four of Asian cryptocurrency exchange platforms, has joined the RippleNet network, AMBcrypto reports. Through participation in RippleNet, Coinone will be able to use Ripple's xCurrent solution to provide interbank services to its customers.

Coinone CEO Shin Won Hee, in a conversation with local media, said that his company would rely on cooperation with SBI Ripple Asia in creating a wide range of financial services based on blockchain technology.

According to the media, Coinone was the first exchange in South Korea, which joined RippleNet. As part of the cooperation with SBI Ripple Asia, Coinone intends to “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

Coinone and Ripple started working together in May 2018, when the company integrated xCurrent solution into its own payment service called Cross. According to updated data, customers of the exchange can send transfers to eight Asian countries through the system, taking advantage of reduced commissions.

Earlier this month, Siam Commercial Bank, the largest commercial bank in Thailand, said it would use XRP cryptocurrency in its operations, but later, for unknown reasons, refused this statement.