Monex Group Makes Changes In Coincheck, Monex Management

Monex Group Makes Changes In The Management Of Coincheck And Monex

Monex Group has reported several changes it has made to its management. The changes have been executed on two of its subsidiaries including Coincheck Inc as well as Monex Inc.

Monex Group transfers Tamura

Monex Group has made a change to the auditing team behind Monex Inc. This follows the resignation of Kimoshi Tamura as the firm’s auditor on September 12, 2018. Kazunaga Nakajima has been appointed to replace Tamura.

Besides being a Managing Director and Senior Executive Director at Monex’s Credit Department, Tamura was also appointed General Manager. This was done back in July 2014. He assumed the new role while still holding the two previous roles.

The good news, however, is that Tamura is not leaving the group entirely. He is being transferred to the firm’s subsidiary, Coincheck. This is a Bitcoin (BTC) wallet as well as a trading exchange based in Tokyo, Japan.

Coincheck’s security was compromised in late January this year. Hackers managed to access the exchange’s unsafe digital wallet. Consequently, they stole NEM currency valued at $534 million then.

Following the incident, Monex Group reached a decision to buy Coincheck in April this year. Since the group was planning on registering its own digital currency firm, it saw it was easier to buy off the existing exchange. It spent approximately $33 million to acquire the Japanese exchange.

Streamlining operations

Hence, Tamura has been appointed to be the Executive Director at Coincheck. The move is seen as strategic in order to streamline the operations of the exchange.

Coincheck released its financial report in July 2018. The exchange’s operations negatively affected its performance, despite an increase in earnings. Upon acquiring the crypto firm, Monex had to invest in enhancing the exchange’s security. It spent a significant amount enhancing Coincheck’s internal controls as well as Cybersecurity. Thus, the exchange registered a $2.7 million loss.

Monex was established in 1999, as an online brokerage firm by Oki Matsumoto. Its main aim was to offer an ideal solution to personal finance. The brokerage firm was focused on encouraging Japanese people to actively invest instead of hoarding their money.

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