Japanese Crypto Associations Merging to Restore Trust Across the Industry

Japanese Crypto Associations Merging to Restore Trust Across the Industry

Japan’s two cryptocurrency associations have reportedly decided to merge in order to restore trust in the industry and accelerate self-imposed rules. Once approved by the Japanese financial regulator, the new organization will have the power to set penalties for breaches of self-regulation.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Two Crypto Associations Merging

Japan currently has two cryptocurrency industry associations: the Japan Blockchain Association (JBA) and the Japan Cryptocurrency Business Association (JCBA). The former is headed by Bitflyer CEO, Yuzo Kano, and has a total of 88 members, while the latter has a total of 154 members, according to Minkabu publication.

Japanese Crypto Associations Merging to Restore Trust Across the IndustryThe two organizations have reportedly been in talks to merge after the hack of one of the country’s largest exchanges, Coincheck, where 58 billion yen worth on the cryptocurrency NEM were stolen. They “are hurried to restore trust in the industry,” Forbes Japan reported.

They “will be integrated to establish a new self-regulating organization,” to focus on areas such as safety management system and compensation of customer assets, the news outlet added. In addition, the new entity will also focus on the reliability of crypto exchanges that have already been approved by the Japanese Financial Services Agency (FSA). Currently, there are 16 approved exchanges and 16 under review, including Coincheck.

On Thursday, Nikkei reported:

Two cryptocurrency industry groups in Japan [JBA and JCBA] have agreed to merge in an effort to accelerate the establishment of voluntary regulations and regain public trust in the aftermath of a massive virtual currency heist.

Set to launch on April 1, “The new organization’s chairman will likely be JCBA Chairman Taizen Okuyama, president of Money Partners Group,” the news outlet detailed, adding that Kano is “expected to become the self-regulatory body’s vice chairman.”

Commenting on the news of its merger with the JBA, the JCBA issued a statement on Thursday, stating that no details have been decided at this time.

Accelerating Self-Regulations

Japanese Crypto Associations Merging to Restore Trust Across the IndustryThe new entity will need the approval of the FSA. Under Japan’s revised payment services law which went into effect in April of last year, cryptocurrency operators are allowed to form a self-regulatory organization. They can “set industry rules, conduct investigations on members, and impose punishment,” the Japan Times elaborated.

However, the FSA previously “refused to allow two self-regulatory bodies, urging the industry to create a unified organization by merging the JBA and the JCBA,” Nikkei explained on Thursday, adding that:

Once the new body is approved by the agency, it will gain the power to set penalties for breaches of its self-imposed rules. This should also help address calls by banks and other businesses in the conventional financial industry for virtual currency businesses to establish a robust self-regulatory regime.

Do you think the merger will help the crypto industry gain more of the public’s trust? Let us know in the comments section below.


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Japanese Cryptocurrency Coincheck Faces Lawsuit over Withdrawals

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Investors have opened legal proceedings against embattled Japanese cryptocurrency exchange Coincheck. The Tokyo based platform was the victim of a major hack last month, with a reported loss of $530 million worth of XEM. The platform quickly closed both fiat and cryptocurrency withdrawals following the breach, in an attempt to prevent further possible loss. Whilst Yen … Continued

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Coincheck Produces Recovery Plan While Investors Flock to Withdraw Funds

Coincheck Produces Recovery Plan While Investors Flock to Withdraw Funds

Japanese cryptocurrency exchange Coincheck has submitted a report to the country’s financial authority outlining measures it will take following the hack that lost 58 billion yen worth of the cryptocurrency NEM from its platform. However, customers rush to withdraw 40.1 billion yen of their funds so far as the exchange resumes yen withdrawal service.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Coincheck’s Improvement Plans

Coincheck has submitted a report to the Japanese Financial Services Agency (FSA) as mandated under the Order to Improve Business Operations. The order was handed to the exchange by the FSA following the hack that resulted in the loss of 58 billion yen (~USD$544 million) worth of NEM from its platform.

Coincheck Produces Recovery Plan While Investors Flock to Withdraw FundsIn its report, Coincheck explains key areas of improvement to the agency. Specifically, the exchange detailed four of its plans: “1) investigating the facts and causes surrounding this case, 2) [providing] proper support for our customers, 3) strengthening current measures to manage system risk, 4) creating new measures for system risk management and preventing similar events in the future in addition to making it clear where the responsibility lies for different risks.”

“We plan to continue making meaningful improvements to our system,” the exchange noted, adding:

We are continuing to confirm and improve the security of our systems in order to resume transfers of other cryptocurrencies and begin reparation payments as soon as possible.

Coincheck already provided a preliminary report to the FSA immediately following the hack. The agency then conducted an on-site inspection of the exchange as well as extended the inspections to all other exchanges in Japan.

Customers Rush to Withdraw Funds

Coincheck Produces Recovery Plan While Investors Flock to Withdraw FundsOn February 13, Coincheck resumed Japanese yen withdrawals as previously promised and successfully processed 40.1 billion yen (~$376 million), the exchange confirmed.

Yusuke Otsuka, Coincheck COO, said at a news conference that “the exchange would be able to meet future withdrawal requests,” but “declined to comment on the total amount of customers’ yen still stored at the exchange,” Reuters reported. He insisted:

We have the funds, but we are making individual checks so there are no problems (with repayments).

The exchange has also promised to repay its 260,000 affected customers but has yet to decide on the timeframe. The FSA also has not confirmed that the exchange possesses enough funds to make the repayments.

Meanwhile, seven cryptocurrency traders filed a lawsuit against Coincheck on Thursday at the Tokyo District Court. The plaintiff’s lawyer Hiromu Mochizuki told Reuters that the suit seeks “to allow withdrawals to private wallets…outside the hacked exchange.” He was further quoted by AFP that “Plaintiffs are demanding Coincheck return their cryptocurrencies – 13 different kinds including NEM.”

Do you think Coincheck will be able to repay its customers and regain their trust? Let us know in the comments section below.


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Coincheck Clients Withdraw $372 Million; NEM Theft Refunds are Coming

The post Coincheck Clients Withdraw $372 Million; NEM Theft Refunds are Coming appeared first on CCN

After removing a temporary freeze on withdrawals today, Japanese cryptocurrency exchange Coincheck said it has completed transfers worth 40.1 billion JPY ($372 million) in withdrawal requests by customers. Weeks after suffering the ignominy of being the victim of the world’s biggest cryptocurrency theft, ever, Coincheck has kept its promise to lift the temporary suspension on … Continued

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Tokyo Police Question NEM Trader Over Coincheck Theft

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Japanese police have reportedly questioned a domestic trader who converted a small portion of stolen NEM from Coincheck into Litecoin as a part of an ongoing investigation. Citing sources with an ear to the investigation of the recent major theft of NEM tokens from Japanese exchange Coincheck, the Nikkei is reporting that police have questioned at … Continued

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Japan Cracks Down on Foreign ICO Agency Operating Without License

Japan Cracks Down on Overseas ICO Agency Operating Without a License

The Japanese financial regulator will be issuing its first warning since the legalization of cryptocurrencies as a method of payment in Japan. An overseas initial coin offering agency has reportedly been attracting Japanese investors without a license, repeatedly ignoring the agency’s advice to cease operating in the country.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

FSA’s Warning

Japan’s Financial Service Agency (FSA) will issue a warning to an unregistered initial coin offering (ICO) agency, which has been conducting business in Japan without a license, Nikkei reported. The news outlet elaborated:

The warning will be issued to Blockchain Laboratory, based in Macau. The agency has decided the company’s activities could cause investors to incur losses. The FSA will work with the police and the Consumer Affairs Agency to bring criminal charges if the company fails to respond to the warning.

Japan Cracks Down on Overseas ICO Agency Operating Without a LicenseHeadquartered in Macau, “Blockchain Laboratory operates as an initial coin offering agency to raise funds using cryptocurrencies,” the publication described. The company’s activities include cryptocurrency and ICO consulting services and conducting seminars to attract investors.

The FSA has repeatedly advised the company to “halt its business activities in Japan, without success,” the publication detailed. According to the officials of the agency, the FSA “will warn the company directly, and name it on the FSA’s home page.” If the operator still fails to comply, criminal charges will be filed.

License Needed to Operate in Japan

Japan Cracks Down on Overseas ICO Agency Operating Without a LicenseSince the revised payment services law went into effect in April of last year, Japan has recognized cryptocurrencies as a legal method of payment. The law also requires crypto exchanges to register with the FSA. It “allows only registered operators, or those that have applied for registration, to operate in Japan,” Nikkei emphasized.

The warning to Blockchain Laboratory will be the FSA’s first under the revised payment services law. “The move is part of the FSA’s more aggressive scrutiny of the activities of unregistered operators in Japan,” the news outlet conveyed, adding that:

The revised law prohibits such unregistered exchanges from operating and soliciting in the country.

Currently, there are 16 cryptocurrency exchanges with a license to operate in Japan and another 16 are under review, including Coincheck which suffered a loss of 58 billion yen (~USD$533 million) in a recent hack.

In a recent interview with news.Bitcoin.com, Bitflyer CFO Midori Kanemitsu said:

Now people understand that they need to use safe exchanges, which are registered with FSA and have a high standard of security.

What do you think of the FSA’s action? Let us know in the comments section below.


Images courtesy of Shutterstock and the FSA.


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Coincheck Announces JPY Withdrawals Will Resume Next Week

Coincheck Announces JPY Withdrawals Will Resume Next Week

This Friday the Japanese exchange Coincheck has announced the resumption of yen (JPY) withdrawals will begin next week. The news follows the trading platform halting operations on the 26th of January. That day Coincheck was hacked and lost a total of 523,000,000 XEM, but the exchange promised to pay back the 260,000 customer accounts that were compromised. JPY withdrawals will be enabled for the trading platforms users beginning February 13, 2018.

Also Read: Japanese Crypto Exchanges Strengthen Self-Regulation Following Coincheck Hack

Coincheck Plans to Resume JPY Withdrawals Next Week

Coincheck Announces JPY Withdrawals Will Resume Next WeekAccording to the Japanese exchange Coincheck, the platform will resume yen withdrawals next week. The exchange says that a temporary suspension of JPY operations was put in place to protect the assets of Coincheck customers. The company says that “outside experts” are working with the trading platform to ensure withdrawals are ready for February 13th. Right now Coincheck reveals customer assets are being held by another party.

“Currently, all customer JPY assets are being stored in a customer-specific account in a major financial institution,” explains the Japanese exchange.  

We plan to resume normal operations for JPY withdrawals from the following date and will process customer requests in the order in which they come in.         

The Resumption of JPY Withdrawals Is Unrelated to XEM Reparation Payments

Coincheck Announces JPY Withdrawals Will Resume Next Week
Coincheck says the JPY withdrawals are unrelated to the NEM/XEM restitution.

Coincheck also notes that the withdrawals of JPY and the date mentioned is completely “unrelated to reparation payments for the XEM.” Just before the first of February Coincheck had announced that approximately 260,000 affected accounts ($423Mn USD) would be reimbursed. Balances will be repaid in JPY via the Coincheck Wallet the firm has stated and will be valued at approximately $0.81 USD per token. At the moment that price is much more than the current rate XEM tokens are being sold for as the spot price is $0.56 per coin.   

Withdrawal requests will be initiated on a first come — first serve basis, and Coincheck says the company may contact certain customers separately in order to confirm withdrawal details. As far as cryptocurrencies operations are concerned the exchange plans to lift withdrawal restrictions as soon as the company feels they are “able to guarantee the secure resumption of operations for each feature.”     

“If further complications preventing the safe resumption of withdrawals are discovered, the resumption date may be extended in order to guarantee customer asset security,” Coincheck concludes.

What do you think about Coincheck preparing to resume operations after the recent hack? Do you think the exchange will fulfill its promise to pay back the XEM at $0.81 per coin? Let us know your thoughts on this story in the comments below.


Images Shutterstock, Coincheck and the NEM/XEM logo. 


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Hacked Japanese Exchange Coincheck to Resume Yuan Withdrawals on Tuesday

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Japanese exchange Coincheck has announced it will re-enable customers to withdraw their fiat yen deposits next week. In an announcement today, the embattled exchange confirmed it will remove the temporary suspension of Japanese Yen (JPY) withdrawals from customers’ accounts at the exchange. The suspension was put in place to ‘protect and ensure the integrity of … Continued

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Hacked Japanese Exchange Coincheck to Resume Yen Withdrawals on Tuesday

The post Hacked Japanese Exchange Coincheck to Resume Yen Withdrawals on Tuesday appeared first on CCN

Japanese exchange Coincheck has announced it will re-enable customers to withdraw their fiat yen deposits next week. In an announcement today, the embattled exchange confirmed it will remove the temporary suspension of Japanese Yen (JPY) withdrawals from customers’ accounts at the exchange. The suspension was put in place to ‘protect and ensure the integrity of … Continued

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Japan’s Cryptocurrency Exchanges Face Increased Inspections from Regulators

The post Japan’s Cryptocurrency Exchanges Face Increased Inspections from Regulators appeared first on CCN

In the aftermath of the half-a-billion-dollar hack of cryptocurrency exchange Coincheck, Japan’s regulators are reportedly ramping up their scrutiny on the industry with on-site inspections in the coming days. Japanese financial publication Nikkei reports regulators from the Financial Services Agency (FSA) will look to visit multiple domestic cryptocurrency exchange operators as early as this week. … Continued

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Japanese Financial Authority Inspecting 32 Cryptocurrency Exchanges

Japanese Financial Authority Inspecting 32 Cryptocurrency Exchanges

The Japanese Financial Services Agency has announced that it is inspecting all 32 cryptocurrency exchanges in Japan. This includes 16 exchanges that have not obtained a license but are currently under review by the agency and those that are already fully licensed.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

16 Exchanges Fully Licensed

Japanese Financial Authority Inspecting 32 Cryptocurrency ExchangesThe Japanese Financial Services Agency (FSA) published a list on Friday of 32 cryptocurrency exchanges in Japan. This includes 16 exchanges that are already licensed and 16 other exchanges that have applied for a license and are currently under review.

The FSA first approved 11 exchanges in September of last year: Money Partners, Quoine, Bitflyer, Bit Bank, SBI Virtual Currencies, GMO Coin, Bittrade, Btcbox, Bitpoint, Fisco Virtual Currency, and Zaif.

Then in early December, 4 companies were additionally approved to operate cryptocurrency exchanges: Tokyo Bitcoin Exchange, Bit Arg Exchange Tokyo, FTT Corporation, and Xtheta Corporation. At the end of December, another exchange, Bitocean, was approved. In total, 16 businesses are licensed to operate cryptocurrency exchanges in Japan.

16 More Exchanges Under Review

Japanese Financial Authority Inspecting 32 Cryptocurrency ExchangesBefore Friday, the FSA has never revealed the names of the companies that have applied for a license and are under review. In addition to the aforementioned 16 exchanges, another 16 are currently not licensed but are classified as “deemed virtual currency exchange traders” while under review, the agency explained. Among them is Coincheck, one of the country’s largest cryptocurrency exchanges.

The other 15 are Minnano Bitcoin, Payward Japan, Lemuria Bitcoin Exchange (Bitcrements), Campfire Corporation, Tokyo Gateway, Lastroots Corporation, Debit, Eternal Link, FSHO Corporation, Kirin Corporation, Bit Station, Blue Dream Japan, Mr. Exchange, Bmex Corporation, and Bitexpress Corporation.

Inspections of All Exchanges

The agency published this list of all exchanges in response to the hack of Coincheck, where 58 billion yen (~USD$530 million) worth of NEM were stolen last week. While the exchange has promised to repay its 260,000 affected customers out of its own capital, no timeframe has been set.

Japanese Financial Authority Inspecting 32 Cryptocurrency ExchangesFollowing the hack, the FSA issued a business improvement order to Coincheck and ordered it to submit a report by February 13 on the hack as well as measures for preventing a recurrence. The agency also conducted an on-site inspection of the exchange on Friday to “ensure the protection of users,” Japan Times quoted Finance Minister Taro Aso explaining. The agency also plans to find out if Coincheck has the financial resources to repay its customers.

In addition, the FSA has ordered the internal inspections of all other cryptocurrency exchanges in Japan based on a checklist of 43 items, according to Jiji Press. They are to submit reports of their risk management systems such as the details of their systems to manage customer assets and cyberattack countermeasures.

Do you think Japan will have too many crypto exchanges? Let us know in the comments section below.


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Cryptocurrency Is Harder to Launder Than Fiat Currency

Cryptocurrency is Harder to Launder Than Fiat Currency

Bitcoin is a tool for terrorists and money launderers. At least that’s what your elected officials believe. When western leaders are pressed for their thoughts on cryptocurrency, that’s invariably the first sound bite to leave their lips, followed, occasionally, by a begrudging acknowledgement that “the underlying blockchain technology has potential”. But as the case of the $400 million of NEM stolen from Coincheck last week shows, laundering huge amounts of cryptocurrency is surprisingly hard. Laundering fiat currency, on the other hand, is extremely easy when you know how.

Also read: New Research: Laundering of Illicit Funds Less than 1% of Bitcoin Transactions

Coincheck, NEM and the Curse of the Tainted Crypto

Cryptocurrency is Harder to Launder Than Fiat Currency
Coincheck’s glum president at a press conference on Friday.

After successfully extracting over $400 million of NEM from Coincheck’s hot wallet last week the hackers must have been ecstatic. In a single transaction they had pulled off the biggest digital heist of all time. Those smug grins swiftly gave way to frowns however as the thieves pondered the best way to offload their ill-gotten gains.

In the real world, there is no blockchain to monitor the movement of U.S. dollars in real-time. Laundering cash in small amounts is as easy as walking into a casino, and in larger amounts easier still if you have a cash-based business for that express purpose. But on the web, the blockchain sees and records everything, making it easy for observers to monitor the movement of stolen funds as they are disbursed. In the last few days, the NEM hackers have started moving their haul, but are encountering major difficulties in finding an exchange that will accept it.

Blacklisted on the Blockchain

In the wake of the Coincheck hack, NEM elected not to issue a hard fork to isolate the stolen coins and render them worthless. Instead it began contacting exchanges with the wallet address the stolen currency was sitting in, seeking to have it blacklisted. With 33 exchanges accepting NEM deposits, the hackers shouldn’t be short of options in theory. However, only eight of these recorded NEM trading volume of over $1 million in the last 24 hours. Laundering the proceeds, even if the hackers are able to find an exchange that will take them, could take some time. NEM’s Jeff McDonald told Reuters: “[The hackers are] trying to spend them on multiple exchanges. We are contacting those exchanges”.

Cryptocurrency is Harder to Launder Than Fiat Currency

In an effort to avoid scrutiny, the hackers have begun breaking the coins down into 100 XEM batches (currently worth around $55) in new wallets. Dividing 500 million coins into 100-coin bundles – even if automated – is a laborious process. It’s likely that some of the stolen NEM will enter circulation one way or another, but the chances of even 1% of the proceeds being laundered in such a manner seem remote. “I would assume that they are going to get away with some of the money,” conceded McDonald.

Laundering Crypto is Hard

Cryptocurrency is not the money launderer’s paradise it’s portrayed to be. Last week it was the turn of British Prime Minister Theresa May to break her silence on cryptocurrencies, predictably venturing that closer scrutiny was required “precisely because of the way they are used, particularly by criminals”. When Donald Trump’s Treasury Secretary gave his first comments on bitcoin back in November, it was to echo similar sentiments, saying:

The first issue is to make sure people can’t use bitcoin for illicit activities. So we want to make sure that you don’t have the dark web funded in bitcoins and that’s something that is a concern of ours today. So, if you’re a bitcoin dealer in the United States, you have the same know-your-customer requirements and BSA requirements.

When political leaders assert that cryptocurrency must be regulated due to money laundering concerns, what they really mean is “We’re largely powerless to prevent fiat currency laundering so we’re going to focus our efforts on cryptocurrency instead”. Due to the nature of public blockchains and the need to cash out into fiat, cryptocurrency is easier to monitor. All the noise about “anonymity” and criminals “hiding on the deep web” is just that. In reality, laundering red hot cryptocurrency, unless it’s a privacy coin like monero, is fiendishly tricky.

Cryptocurrency is Harder to Launder Than Fiat Currency

A recent report tracking the circulation of funds within the bitcoin economy from 2013 to 2016 concluded that less than 1% of bitcoin transactions stemmed from coins of illicit origin. In comparison, it is estimated that between 2% and 5% of global GDP – or $800 billion to $2 trillion – in U.S. dollars is laundered annually. Not only is cryptocurrency harder to launder at scale, but its prevalence is significantly lower than fiat currency. Just don’t expect your government to tell you that.

Do you think cryptocurrency is unfairly associated with money laundering? Let us know in the comments section below.


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Japan Unfazed By Recent Exchange Hack Realizing Cryptocurrencies Not to Blame

Japan Unfazed By Recent Exchange Hack Realizing Cryptocurrencies Not to Blame

Japanese investors are undeterred by the recent Coincheck hack and the general public is now more interested in cryptocurrencies due to the constant hype in the media. Bitflyer, Japan’s largest crypto exchange by volume, is seeing a rapid increase in the number of registered users. “Ironically, many people got interested in cryptocurrencies after this incident,” an executive of the exchange told news.Bitcoin.com.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

The Aftermath of Coincheck Hack

Japan Unfazed By Recent Exchange Hack Realizing Cryptocurrencies Not to BlameIt has been a week since a major Japanese cryptocurrency exchange, Coincheck, was hacked for 58 billion yen (~USD$530 million) worth of NEM. While the exchange has promised to repay its 260,000 affected customers out of its own capital, no timeframe has been set and a class action lawsuit is being prepared by 5 lawyers.

Japan Unfazed By Recent Exchange Hack Realizing Cryptocurrencies Not to Blame
Haruhiko Kuroda.

Earlier this week, the Japanese Financial Services Agency (JFSA) issued a business improvement order to Coincheck and launched an investigation into all other crypto exchanges in the country for security gaps. On Friday, the agency conducted an on-site investigation of Coincheck. The Tokyo Police has also launched an investigation into the hack.

Haruhiko Kuroda, Governor of the Bank of Japan, on Thursday urged cryptocurrency exchange operators “to enhance security,” Japan Times reported and quoted him saying:

Providers of cryptocurrency services need to explain the risks to investors proactively and take sufficient security steps.

It’s the Exchange, Not Cryptocurrencies

Since April of last year, companies seeking to operate crypto exchanges in Japan must register with the JFSA. So far, 16 companies have been licensed including all of the major exchanges in the country except Coincheck, whose application has been under review by the agency for about 5 months.

Japan Unfazed By Recent Exchange Hack Realizing Cryptocurrencies Not to BlameEmphasizing that Coincheck does not have a license, Bitflyer CFO Midori Kanemitsu told news.Bitcoin.com, “now people understand that they need to use safe exchanges, which are registered with JFSA and have a high standard of security.” Bitflyer, Japan’s largest exchange by volume, was among the first 11 crypto exchanges to be licensed by the agency in September of last year.

Kanemitsu continued to share, “I don’t think there is a huge change after the [hack] news, however people [now] recognize the risk,” noting:

Ironically, many people got interested in cryptocurrencies after this incident as this has been reported so often and broadly in Japan…The number of new users [at Bitflyer] is increasing very rapidly after the news. This time people understand that this is due to the exchange and not due to cryptocurrency itself.

Coincheck Halts Merchant Service

Japan Unfazed By Recent Exchange Hack Realizing Cryptocurrencies Not to BlameCoincheck has previously claimed the largest market share of merchants accepting bitcoin in Japan. In January of last year, the company told news.Bitcoin.com that more than 5,000 merchants had signed up to accept the digital currency through its merchant service called Coincheck Payment.

The company partnered with Recruit Lifestyle Co. Ltd and announced in April of last year that 260,000 merchants using Recruit Lifestyle’s point-of-sale (POS) system, called Airregi, would start accepting bitcoin within months. However, by the end of last year, only some merchants reported having activated the bitcoin payment option.

Coincheck suspended its merchant service on January 27 at 17:00 Japan time in response to the NEM hack.

Merchants Still Interested in Crypto

Following Coincheck’s merchant service suspension, Airregi “stopped the bitcoin payment function voluntarily” and notified the merchants using its POS system of this decision, Business Insider Japan confirmed. Entertainment giant DMM.com, which also used Coincheck to accept bitcoin, told the news outlet that “The [bitcoin] payment acceptance by our company has also been suspended due to the suspension of Coincheck Payment.”

However, Kanemitsu told news.Bitcoin.com:

We don’t see any discouragement as of now due to Coincheck’s news. Some merchants using Coincheck wallet stopped [accepting] cryptocurrency payments. But they would like to continue crypto payment, so some of them are coming to us.

Bitflyer has also been helping merchants accept bitcoin, including Bic Camera and Yamada Denki, two of Japan’s largest consumer electronics chains.

What do you think of how the Japanese are responding to the Coincheck hack? Let us know in the comments section below.


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