Coincheck Owner, Monex Group, Looks to Expand into the United States

Cryptocurrency Exchange Coincheck Looks to Expand in the US

0 998
  • Monex Group, Coincheck’s new owner is looking to expand its operation into the United States.
  • Oki urged exchanges in Japan to carefully observe the decisions of the US financial regulators.

Japan: Coincheck’s new owner, Monex Group, seeks expansion of its operation into the US market. Last April, reported that Monex Group, a popular financial service provider and trading platform in Japan, offered “billions of yen” to acquire a majority stake in Coincheck cryptocurrency exchange, the exchange that lost almost $530 million worth of NEM in a cyber-attack on the 26th of January and has faced 3 class action charges from affected clients. A few days later, Coincheck accepted the offer and following the acquisition, Monex Group replaced the Coincheck’s incumbent CEO with Toshihiko Katsuya.

During an interview with Bloomberg, Monex Group stated that it plans to obtain an operating license from the US Financial Services Agency (FSA) in June and expands its operations into the US. Oki Matsumoto, CEO of Monex Group said:

“We can broaden our customer base at Coincheck. In the end, we should and we can replicate the profitability [the previous owners] achieved before.”

More so, Oki claimed that exchanges in Japan are carefully observing the decisions of the US financial regulators, who are presently considering the issue of digital currencies and ICOs regulation. Oki noted: “What the United States decides will have a huge impact on Japan.”

Oki added that Japan should endeavor to follow the US’s lead and provide clarification about the legal status of digital currencies, he said:

“Japan may seem like it’s one step ahead in crypto, but in terms of deciding what’s a security or a token and attracting institutional investors, America and Europe are moving ahead.”

Oki developed an interest in cryptocurrencies way back in 2013. He opened a trading account with Coincheck exchange in 2015, he later met with Koichiro Wada, Coincheck co-founder, who helped Oki start a Bitcoin payment platform at his privately-owned steak restaurant. Less than four months after its massive hack, Coincheck was sold to Monex Group who now seeks a comeback into the US market

You might also like