in January of this year, the cryptocurrency exchange Coincheck has been officially acquired
one of the largest brokerage firms in Japan. Monex Group has announced its plans to revive Coincheck about the risks associated with the acquisition.
Coincheck officially became a subsidiary of Monex Group April 16, after a leading brokerage firm agreed to invest 3.6 billion yen (accounting period by 33.55 million) in the acquisition of the exchange. At a press conference last Friday, Monex has published financial indicators Coincheck for the financial year ended 31 March. The income of the exchange was about of 9.13 million dollars, and net operating profit of $ 6.7 million. The number of users of the exchange – 1.7 million, the company is busy 71 employee.
CEO: Oki Matsumoto (Oki Matsumoto) reported Coincheck employees that changes in personnel will not, adding that Monex will keep their salaries and insurance, and will not «change the company name or logo.» The Director General also said at a press conference that he expects the granting of a new license Coincheck Japanese financial services Agency (FSA) for two months. According to him, the company plans to restore the exchange in the next two months.
Changes in the
The resolution on introducing changes in business processes, released by the FSA obliges as key executives Coincheck, and Director-General Koichiro WADA (Koichiro Wada) and the Executive Director Soke Otsuka (Yusuke Otsuka) to withdraw from the Board of Directors of the company.
«Despite the fact that the output of the Board of Directors became a requirement of the Agency for financial services WADA, and Otsuka are working in companies in leadership positions,» — noted in the publication.
Executive Director of Monex, Toshihiko Katsuya (Toshihiko Katsuya) will be appointed the new President of Coincheck, and Matsumoto will take over the position of Executive Director of the exchange. WADA also commented:
«We Otsuka leave the Board of Directors on April 16, but I will continue to work in the company as head of development of the industry and protection of client assets».
In January, the exchange Coincheck has been hacked, resulting in stolen 541 million dollars in cryptocurrency NEM. To affected users, the exchange paid
about $ 400 million from its own funds. However, payments made in Japanese yen, not bitcoin, in connection with which some users have applied to the stock exchange to court.
Refuting reports that Coincheck has been «bought for a song», the General Director of Monex Group said the publication of the Nikkei:
«Coincheck is a company not registered in FSA. The acquisition of such an organization is quite a serious risk. We discussed the risks of court with our lawyers, they estimated the maximum we will have to pay 1 to 2 billion yen (about 18, 6 million dollars)».
He also added that the cost will be borne by existing shareholders, and the burden Monex will be limited.