The hacked Japanese cryptocurrency exchange Coincheck has officially been acquired by one of Japan’s largest online brokerage firms. Monex Group has outlined its plans of reviving Coincheck and the risks associated with the acquisition.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Acquisition Completed
Coincheck has officially become a wholly-owned subsidiary of Monex Group on April 16, local media reported after the leading online securities firm agreed to invest 3.6 billion yen (~US$33.55 million) in the acquisition of the exchange. Monex is among Japan’s largest online brokerage firms, whose competitors include SBI Securities, Rakuten Securities, Matsui Securities and Kabu.com.
In a press conference on Friday, Monex disclosed Coincheck’s financials for the fiscal year ending March 31. The exchange’s revenue was 980 million yen (~$9.13 million) and its net operating income was 719 million yen (~$6.7 million). Moreover, the exchange has approximately 1.7 million user accounts and 71 employees.
Monex CEO Oki Matsumoto told Coincheck’s employees, as reported by Business Insider Japan, “There are no personnel changes,” adding that Monex will respect the salaries and treatment of Coincheck’s employees and will not “change the company name or logo, and emphasizes continuity.” Citing that he believes the Japanese Financial Services Agency (FSA) will grant the new Coincheck registration “within two months,” he reiterated at the press conference:
We will restart Coincheck business within two months.
Key Executive Changes
The business improvement order issued by the FSA under the fund settlement law mandates both key executives of Coincheck, CEO Koichiro Wada and COO Yusuke Otsuka, to resign from the company’s Board of Directors.
Former Coincheck CEO Koichiro Wada.
“While leaving is the requirement of the Financial Services Agency, Mr. Wada and Mr. Otsuka remain as executive officers,” the news
