Coincheck Abolishes Four Cryptocurrencies
The cryptocurrency exchange Coincheck suspends transactions for the following digital assets: Monero (XMR), Zcash (ZEC), Dash (DASH), and Augur (REP), according to platform’s website.
“We are pleased to inform you that some virtual currency handling will be abolished at Coincheck, a virtual currency trading service operated by Coin Check Co., Ltd,” reported Coincheck.
Being pressed by the reports received from the Financial Services Agency in March 2018, the company took the decision to review the company’s management system and rethink several strategies.
“As a part of this review, based on the fact that it is necessary to further develop and strengthen the management system of AML / CFT in the future, we deem that it is not appropriate for us to deal with currencies that are of little concern, We revalidated various risks based on the characteristics of As a result, the following currency handling will be abolished.”
The four cryptocurrencies will be permanently removed from June 18, 2018. The decision was taken to meet the counter-terrorist financing (CFT) and anti-money laundering (AML) criteria issued by the Financial Services Agency (FSA).
Stringent investigations on crypto platforms based in Japan began after the giant Coincheck was hacked and lost $ 532 million worth of NEM in January 2018. To provide safety of users, the FSA made the decision to amend legislation on the use of cryptocurrencies on the country’s territory.
As the company reported, the funds stored in the four cryptocurrencies will be converted into Japanese yen.
Mr. Wada, the former CEO of Coincheck tweeted this:
Zcash, DASH, Monero, Augur についてコインチェックでの取扱を廃止いたします。
— 和田 晃一良 (@wadakooo) May 18, 2018