Coincheck Exchange Confirms Yen Withdrawals to Start Next Week


Japanese cryptocurrency exchange Coincheck has confirmed its plans to allow withdrawal transactions for local currency accounts soon, making it a lot easier for users to manage their accounts.

This comes as a breakthrough especially following the previous service shutdown the company had to undergo following the theft of as much as 500 million NEM tokens (around $533 million) from their digital wallets. Coincheck had consequently committed to refunding money to those users who lost money in the hack. The situation also spurred an on-site investigation by Japan’s Financial Services Agency (FSA) to determine whether the company does have the capability to make good on their promise to refund. The FSA also demanded a report for the proposed improvements in management of the company, citing “inappropriate management” as the reason why their security system became at risk.

Coincheck resumed the withdrawal transactions on February 13, 2018, giving some form of relief for those who suffered losses.

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