Coincheck shows signs of Recovery as it Resumes New Account Creation and some other Normal Operations

Coincheck crypto exchange will allow the creation of new customer accounts as it some normal operations resume on the platform. The Japanese exchange which fell victim to a massive hack in January announced on Tuesday, Oct. 30, that it would now allow new customers to register on the platform.

According to the notice by its new owners Monex Group, the exchange will also allow the deposit and purchase of some select cryptocurrencies.

The Coincheck Story

As Smartereum reported, Coincheck exchange was acquired by Monex Group in April after the devastating hack in which $530 million worth of NEM [XEM] tokens was stolen. Since the takeover, the new owners have sought to stabilize the trading platform and resume normal activities which were suspended as a result of the crypto cyber-attack.

They have been working on improvement orders issued by Japan’s FSA. The FSA, short for Financial Service Agency, are in charge of regulating cryptocurrency activities in the country have strengthened regulations after the hack and Coincheck seems to be following stricter rules as it resumes normal operations.

Details of New Operations

As operations resume, Coincheck in its notice gave some guidelines on its services. It noted that registrations and trading on the platform will be restricted to users residing in Japan as the user must receive a letter at a registered Japanese address to access Coincheck account. Users will also face strict identity verification process when registering as the exchange explains:

“After a customer applies for new account opening, we will send an email to notify the receipt of the application as soon as we complete checking of registration details, the submission of identification documents, and the selfie, etc. In case there is some incompleteness, etc. in the information submitted, the applicant may be asked to correct the registration information and/or to resubmit required documents, etc.”

It also limited deposit and purchase of cryptocurrency to bitcoin [BTC], ethereum classic [ETC], litecoin [LTC], and bitcoin cash [BCH]. Users were instructed to create new deposit accounts while warned against emitting to the old accounts.

Cryptocurrency lending service is also available for all tradable cryptocurrencies while customers who already hold leveraged positions can make settlements and margin deposits in existing leveraged transactions.

The exchange already allowed customers to deposit and withdraw in Japanese Yen and users could trade allowed coins in their portfolio.

Coincheck on the road to Full Recovery

Coincheck announced plans to resume deposit and purchase of other crypto assets including ethereum [ETH], NEM [XEM], Lisk [LSK], Ripple [XRP] and Factom [FCT]. However, there was no mention of popular privacy coins like Monero [XMR], ZCash [ZEC] or DASH which the FSA has reportedly instructed to be delisted.

The exchange also noted plans to resume its affiliate program, new positions for leverage transactions as well as its crypto payment services like Coincheck payment, Pay-easy, and Coincheck DENKEI.

The notice also explained a number of improvements the exchange underwent in other to restore security and customer confidence. Apart from the change of ownership, Coincheck said it boosted security measures and also set up a Risk management committee.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.


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