Coincheck Accepting New Account Registrations On Re-Launch

Coincheck has started accepting new account signups, nine months after suffering a major security breach. In addition to new account registrations, the exchange has also started accepting customer deposits. Traders can also purchase some digital currencies from the platform.

Some of the cryptocurrencies that traders can access on the platform include Bitcoin (BTC), Ethereum Classic (ETC) and Litecoin (LTC). There are also plans to add support for Ethereum (ETH), NEM (XEM), Lisk (LSK) and Factom (FCT) in the near future. Bitcoin trading continued in the aftermath of the hacking incidence.

“In particular, we resumed JPY withdrawal in February 2018 and remitting and selling of cryptocurrencies gradually during the period from March to June 2018. And now, here we announce that Coincheck has resumed “new account openings” and “customers’ depositing and purchasing some cryptocurrencies” services today,” Coincheck in a statement.

The exchange has also confirmed it won’t be offering support to privacy-focused altcoins Monero, Zcash, and Dash. The country’s top watchdog banned the altcoins on concerns people were using them for illegal activities such as money laundering.

The opening up of the trading platform comes just days after the exchange reported a 66% decrease in revenue for the third quarter. The Tokyo based cryptocurrency exchange was the subject of a $500 million theft at the start of the year. The theft forced the country’s top financial watchdog to swing into action as part of an effort to regulate the sector.

Following the major security breach, Monex purchased the exchange for about $33.5 million in April. It, later on, outlined plans to rebrand and prelaunch the exchange in compliance with regulation passed by the Financial Services Authority.

Coincheck has since improved its governance and internal control system. New account openings are now only available for people residing in Japan. For account approval, one will have to provide identification documents as well as Know Your Customer KYC check. Successful customers will receive a postcard-sized letter indicating account activation from Japan Post.

The exchange is also urging existing customers to generate depositing address when using the depositing service. Failure to do so may result in a remittance ending up on the old deposit address. In this case, the remittance would not reflect the users balance.

Coincheck has also warned that it may suspend trading activities should the platform experience a significant increase in volume. Sudden price fluctuations could also force the exchange to suspend trading activities.