Cryptocurrency exchange going by the name of Coincheck has just announced that it will bring back purchases and deposits for some cryptocurrencies.
Coincheck re-introduces some of its former services
Coincheck is a crypto exchange that has had a lot of issues throughout 2018, starting with a major hack that hit the exchange back in January. After the hack, Coincheck was in bad shape, and it was soon purchased by a Japan-based brokerage company called Monex Group. This was in April 2018, and the exchange was bought for around $33.5 million.
Coincheck attempted to recover on its own in February, and it resumed JPY withdrawals, as well as remitting and selling several coins. Most of this was done by taking one step at the time throughout the first half of 2018.
This is the way the exchange continued to recover up to this point, and the new press release states that several chosen cryptocurrencies are now available for deposit. These include Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC). Furthermore, the exchange has made BCH, LTC, and ETC available for purchase as well, while Bitcoin is still suspended due to the attack.
Coincheck also announced that users can now open new accounts, however, this only includes customers based in Japan. In addition, those interested in opening an account will have to go through the KYC process. This is required due to regulation brought by Japan’s FSA.
Coincheck’s recovery and plans for the future
Due to the incident that has left the exchange in a very bad shape, Coincheck is seeking confirmation of technical safety for all of the products and services. This is done in order to prevent another attack, as well as to avoid fines for insufficient security. Apart from having its reputation damaged after the hack, the exchange was in dire need of funds, which the Monex Group used to buy it in the first place.
Now that the exchange feels confident enough to get back into the crypto business, many have seen it as a good sign. Not only is Coincheck finally making a return, but it will also mean a lot for Monex Group. As mentioned, the exchange has had a lot of losses throughout this year, and by purchasing it, Monex felt the consequences of the incident as well.
Thanks to the return of the exchange and its services, it is expected that Coincheck will perform much better in the following quarters. While the speed of the recovery is something that has yet to be established, the crypto community has welcomed this move as a positive one.
Finally, while Coincheck announced that it will make its recovery one step at the time, it has already made a lot of plans for the future. These include things such as bringing back leverage transactions for new positions, JPY depositing via convenience stores, affiliate service, and alike. Of course, all of these services will first need to be confirmed from the security perspective before they are officially re-introduced.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Blockchain-Focused ETF Arrives on London Stock Exchange
The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
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In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.
However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…
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Documentation is key!
There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting. Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.
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