Reading Time
~ 2 minutes
Spread the Word
Advertisement

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:

As reported earlier in the month by Coindoo, Coincheck was bought by the online brokerage group based in Japan, Monex. The price for such an acquisition reached 3.6 billion yen.

Advertisement
Read more articles related to this subject:
Notice: The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.