Japan’s online broker Monex proposes buying cryptocurrency exchange Coincheck

Cryptocurrency mining machines sit in operating racks at the home of Dmitry Gutov, a Russian cryptocurrency 'miner,' in Krasnogorsk, Russia, on Thursday, Sept. 7, 2017. Photographer: Andrey Rudakov/Bloomberg

Japanese online broker Monex Group Inc said on Tuesday it is considering buying Coincheck Inc, the local cryptocurrency exchange hit by a high-profile $530 million theft earlier this year.

The company did not provide any details but the Nikkei daily on Tuesday said the deal could be worth “several billion yen” and an announcement was likely this week.

Coincheck representatives said in an email that the Nikkei report was not something the company had announced.

The deal would allow Monex to access Coincheck’s customer base, which saw a spurt in users as the cryptocurrency sector grew rapidly last year. With this, the broker will join other online securities brokerages such as GMO Internet Inc and Money Partners Group.

Monex shares surged 23 percent by the daily limit to 424 yen in Tokyo.

Coincheck’s Chief Executive Koichiro Wada and another executive will be replaced, the Nikkei reported, adding that Coincheck and Monex have already charted the plan out to regulators and major investors.

Coincheck, which in January suffered one of the biggest digital money heists ever, was asked by the Financial Services Agency to improve risk management and prevent further criminal use of digital money.

The Coincheck heist underscored the risks faced by policymakers in regulating cryptocurrency trading and had rattled Japan, which became the first country to regulate the cryptocurrency industry by requiring all exchanges to register with the authorities.

Reuters

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.

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.