Monex Group Will be Expanding Operations in the US
Monex Group, Inc., a Japan-based financial services conglomerate and also the buyer of the hacked Coincheck cryptocurrency exchange, is set to make available its Bitcoin trading service in the United States via one of its branches, TradeStation, as stated in a financial briefing released by the firm on July 27, 2018.
From sources that are involved in the matter, Monex Group is interested in launching a cryptocurrency trading firm named “Trade Station Crypt,” in the U.S. state of Florida.
Monex representatives state that they are discussing with regulators to receive the required licenses in order to operate in the region, including the New York BitLicense. Matsumoto Osamu, Monex Group chief, also said that they are still trying to decide under which brand to register the firm; either as a subsidiary of Coincheck or a TradeStation business.
In the Coincheck hack which took place in January 2018, the attackers made off with $530 million worth of NEM after which the Monex Group bought the damaged exchange for $33 million in April 2018.
Monex Group always had plans of expanding its operations to the United States, in spite of a harsher crypto environment due to stricter regulations. Oki Matsumoto, the CEO of Monex, said:
“Japan may seem like it’s one step ahead in crypto, but regarding deciding what’s a security or a token and attracting institutional investors, the U.S. and Europe are moving ahead.”
But in spite of the hack, Coincheck still was a profitable endeavor, claiming it made a staggering $490 million revenue in the 2018 financial year. According to the Monex team, after the acquisition of was finalized in May, the Group developed active plans to make the exchange to begin again its operations under its authority in June 2018.
However, because the Financial Services Agency of Japan (FSA) delayed its approval, Coincheck will start again its full operations in the month of August 2018.
Monex Group, Inc was first founded in April 1999 and owns around seven major subsidiaries located across the globe, providing financial services clients such as Foreign exchange, cryptocurrency trading, Brokerage and many others.
Firms established on the Asian continent are expanding their operations to different regions of the world at a fast rate, driving forth the adoption movement for cryptocurrencies.