Recently we mentioned that Japan’s third largest online brokerage was placing bids for local cryptocurrency exchange Coincheck, however official information was not released whether the deal was about to happen until now. Today Japanese financial news provider Nikkei reported that the exchange is going to accept the bid that is worth several billion yen.

This means that fresh capital and potentially a new userbase will flow into the exchange, however a complete management change needs to take place before operations can be restored as there were obvious holes on the operational levels. Founding president Koichiro Wana and chief operating officer Yusuke Otsuka will step down and make place for a new leadership. Reportedly the new president is going to be Toshihiko Katsuya who has served as chief operating officer for Monex.

After the giant theft that hit the exchange previously, the Japanese Financial Services Agency (FSA) ordered the exchange to improve its operations and clarify management responsibilities as soon as possible. Additionally in order to continue operations, the exchange needs to apply for a license from the FSA, due to a governmental decision was made stating that all cryptocurrency exchanges have to operate under a revised fund settlement law. The agency will decide on granting the license to Coincheck after it has reviewed how the company operated under the Monex management.

This is quite good news for Japanese traders as they gain a new exchange after Binance has previously announced its intention to relocate to Malta. For those who missed it Monex Group, Inc. is based in Tokyo and provides online securities brokerage services to individuals and businesses in Japan, the US and the Asia-Pacific.