Japan exchange’s move to suspend withdrawals causes cryptocurrencies to fall

FILE PHOTO: A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic/File Photo

Cryptocurrencies slumped after one of the largest Bitcoin exchanges in Japan halted client withdrawals.

Coincheck, based in Tokyo, said in a series of tweets that it had suspended all withdrawals, halted trading in all tokens except Bitcoin and stopped deposits into NEM coins. The exchange didn’t immediately respond to an emailed request for comment.

NEM, the 10th-largest cryptocurrency by market value, fell 18 percent at 4:47 p.m. Hong Kong time, according to Coinmarketcap.com. Bitcoin dropped 5.5 percent and Ripple retreated 11 percent, according to composite pricing on Bloomberg.

Cryptocurrency exchanges, many of which operate with little to no regulation, have suffered a spate of outages and hacks amid the trading boom that propelled Bitcoin and its peers to record highs last year.

In Japan, where the Mt. Gox exchange collapsed after a theft in 2014, policy makers have introduced a licensing system to increase oversight of local cryptocurrency venues. Coincheck has yet to receive a license, according to the website of Japan’s financial regulator.

Coincheck, founded in 2012, had 71 employees as of July with headquarters in Tokyo’s Shibuya district, an area popular with startups that was also home to Mt. Gox, according to Coincheck’s website. Last year, it began running commercials on national television featuring popular local comedian Tetsuro Degawa.

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Bloomberg

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.