Based on a recent report, a major Japanese financial services group—Monex Group, has announced plans to expand its services into U.S. next quarter. Monex Group is the company behind the popular cryptocurrency exchange Coincheck, and the group has announced plans to launch a crypto exchange in the U.S. Coincheck, one of Japan’s largest crypto exchanges was recently acquired by the group following its hack in January.
Monex Group and Tradestation
Monex Group reportedly organized a business strategy briefing session recently. The purpose of this session according to a recent report is to “outline its U.S. expansion plan through its subsidiary Tradestation.”
Tradestation is a U.S based subsidiary of the group which is into provides services ranging from online electronic brokerage services to individual and institutional traders.
The CEO of the group has reportedly made the group’s intention to launch a crypto exchange in the U.S known at the recently held session. The CEO of Tradestation, John Bartleman also made some statements regarding this.
He stated that:
“For cryptocurrency business, we have been preparing the virtual currency service in the U.S. for the past several months. We believe it can start in the first quarter of 2019.”
The group’s CEO also clarified Coincheck’s status as regards its application with Japan’s financial watchdog, the Financial Services Agency (FSA). Matsumoto stated that: “We have been consulting with the Financial Services Agency”. Coincheck has however resumed operation last month
Coincheck is Now a Dealer
Japan’s financial regulator currently only recognize 16 registered crypto exchanges in Japan and three deemed dealers.
Coincheck is one of those categorized as a dealer. As a result of its dealership status, the exchange is allowed by the FSA to operate a crypto exchange while its application is being reviewed.
Coincheck has also announced plans to expand its services beyond trading into areas such as payments and transfers.