Coincheck Resumes New Account Registration And Limited Trading

Blockhain Tech
-
0
Coincheck Resumes New Account Registration And Limited Trading

The Coincheck cryptocurrency exchange is reportedly allowing new account openings once again on its platform after previously suspending account opening after a massive hack.

Japanese internet broker Monex Group announced recently that the exchange is now allowing limited trading and that it is also allowing new account openings. Monex Group now owns Coincheck after an acquisition deal and it has been working towards rebooting the exchange and lifting it to its former glory.

“…Here we announce that Coincheck has resumed ‘new account openings’ and ‘customers’ depositing and purchasing some cryptocurrencies’ services today,” Monex Group pointed out in a statement.

Coincheck to restore some cryptocurrencies on its platform

The statement also revealed that users can now deposit Ethereum Classic (ETC), Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Cash (BCH) and Litecoin (LTC). This means that the exchange has extended its purchase option to three more cryptocurrencies since only Bitcoin purchase options were previously available. The exchange also plans to restore other cryptocurrencies such as Ethereum (ETH), and Ripple (XRP).

Coincheck has been having a rough time since January 2018 after a hack that led to its hot wallet breach. The attack led to the loss of NEM tokens worth $530 million making it one of the biggest crypto thefts in history. The previous managers of the cryptocurrency exchange probably decided to sell the business to Monex Group due to regulatory pressure from Japan’s Financial Services Agency (FSA).

The new management hopes to add more cryptocurrencies in the future and attract customers back. Monex Group revealed in its latest quarterly report that Coincheck has developed strong internal controls such as its high-standard security management system. The latter is up to cryptocurrency exchanges regulatory standards.

Trading and deposits on the exchange

Meanwhile, Coincheck will initially allow new account registrations in Japan. It has also requested its clients to generate new depositing addresses when using the exchange’s depositing service. Deposited funds will not reflect on user balances if the remittances are sent to the old deposit addresses. Coincheck has also warned that its trading services might be suspended if there is a noteworthy surge in transaction volumes on fluctuations on the exchange platform.