MoneX leader on crypto exchange regulation and Coincheck acquisition

The head of the Japanese classic exchange Monex has stated that the crypto exchange regulation had a point because such financial organizations resemble banks. The statement has been made in the interview to one of the respected European outlets on Friday last week.

According to Oki Matsumoto whose company has lately acquired Coincheck which has experienced a big-scale hack, the exchanges of Japan do both matching and custodial services and it is in these two properties they resemble banks. This statement can be put into question by exchange leaders who would not benefit from this position.

The acquisition of Coincheck is logical: after the big reputational disaster which has happened to the exchange in the midst of $500M funds theft in NEM, the organization simply had to make a crucial step toward its full reboot. As noted by Oki Matsumoto in the interview, there were not many other buyers aside from Monex. The businessman hinted that they were not enthusiastically desiring to buy a project which has fundamentally failed.

As a reminder, the Coincheck hack has become one of the biggest events of the beginning of this year and after the disaster, the Japanese authorities have launched a large scrutiny of all similar organizations in the country which has already resulted in the closure of some of them.

Image courtesy of Sankei.com