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$500 a after Blockchain News Coincheck finally Hack License major million receive The will

Coincheck Will Finally Receive A License After The Major $500 Million Hack



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If you have been following our crypto news since January, you probably remember the $500 million hack that hit the Japanese exchange Coincheck which was the largest theft in the crypto history.

The hackers used the vulnerability of the security system of the exchange and stole more than $500 million. Coincheck was supposed to receive and exchange license from the Japanese Financial Services Agency in October but the agency extended the grace period.

After many changes being done in the company, the most important one being selling Coincheck, as reported today by a local Japanese media, Coincheck will finally receive a license after 2018 ends. The exchange even started accepting new clients at the beginning of November.

Some of the changes also included delisting Monero, Zcash, and Dash because as the exchange explained, the delisting of these tokens was a strategy to protect their customers. This decision could be related to the licensing process according to some.

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Coincheck lists a few other crypto tokens that lead to its lower volume when compared to other exchange competitors such as Binance. Over a period of 25 hours, Coincheck has $22 million in volume and it is now in the middle of the list of exchanges by volume.

This announcement about the licensing could potentially boost the exchange on the market despite Binance being the leader in the global market overall. The volume of Binance consists of the huge pair variety while Coincheck mostly focuses on fiat/BTC markets.

More than 200 other crypto exchanges in Japan are waiting for approval from the JFSA as well.



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