Coincheck, one of Japan’s leading cryptocurrency exchanges, has taken an active stance following the country’s Financial Services Agency’s directive that anonymous cryptos are to be banned. The Coincheck ban covers Monero, Zcash, Dash, and Auger.
The Japanese Financial Services Agency (FSA) has placed stricter measures regulating cryptocurrency exchanges, including cracking down on anonymous cryptocurrencies. The assumption is that the FSA wants to be able to monitor all transactions for taxation purposes, but there is also the aspect of potential illicit transactions, which is always a possibility with anonymity.
Coincheck has been in the spotlight recently due to the massive security breach that occurred earlier this year, with the hackers getting away with about $500 million in digital tokens. While the crypto exchange has taken steps to rectify the situation, it had clearly taken a blow. Even though it was acquired by Japanese online brokerage firm Monex in April, Coincheck is still not accepting new registrations and has suspended other features – presumably a part of their effort to strengthen their service.