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Coincheck to Allow Yen Withdrawals From February 13th

This is a major announcement, lending respite to traders based in Japan

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Coincheck to Allow Yen Withdrawals From February 13th

Japanese cryptocurrency exchange Coincheck has announced that it will allow yen withdrawals from its portal, starting on Tuesday February 13th. The information comes from the translation of the press release posted on the company’s website today in Japanese.

Suspended withdrawals on January 26th

On January 26th 2018, the exchange abruptly announced the suspension of a number of services on its exchange, including withdrawals. While the exact reason for the halt was not declared, the markets suspected it to be a result of a 500 million NEM token (worth around $533 million at the time) hack as the suspension started just around the time the exchange announced that it had restricted deposits, trading, and withdrawal of XEM, the token running on the NEM blockchain.

On-Site investigation by the FSA

While the exchange did propose to refund users who had lost NEM in the hack, it also called an on-site investigation by the Financial Services Agency (FSA) (Japan’s financial regulator), to make certain of Coincheck’s ability to honor the proposal. The watchdog also ordered the exchange to investigate its security vulnerabilities, and to submit a report for management improvement to the authority by February 13th.

About a week back, the exchange issued a report, positively updating its users about the prospects of the resumption of yen withdrawal from the system.

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