Coincheck to delist 3 cryptocurrencies: Monero [XMR], Zcash [ZEC] and DASH

Recently, after the ownership of Coincheck changed after the hack, it has announced that it will be delisting 3 currencies. These 3 currencies include Monero, ZCash, Dash. Some of the privacy coins will also be delisted from the platform. One such privacy coin is Augur.

Cryptocurrency account holders will be able to easily withdraw these cryptocurrencies before June 18. However, even if they do not withdraw after June 18, they will be existing in the form of Japanese yen. They will be sold and converted into Japanese yen. It will be credited to the account of the customers.

One of the main reasons why these coins will be delisted is because they provide high anonymity. Owing to this very reason, the Japanese regulators are not comfortable to license exchanges which allow the users to buy these cryptocurrencies. That is why the cryptocurrency exchanges have actually been trying to withdraw the trading facility for these cryptocurrencies. Also, identification is not possible on this blockchains. The authorities will not be able to find out who is exactly transacting when using these cryptocurrencies.

On the other hand, Coincheck is recovering from the recent NEM hack in which it lost over $ 500 million. Also, it is working in conjunction with the financial services agency of Japan. It recently received an improvement order from the financial services agency of Japan. As a result, it is improving the security. The agency clearly stated that it will be monitoring the cryptocurrency exchange on a consistent basis. Also, ever since the hack, the agency has made it compulsory for the cryptocurrency exchanges to have a risk management plan. Also, Coincheck on its own is constantly the reviewing the management structure as well. Also, it is implementing better security procedures. Owing to this very reason, it is able to provide increased security to the customer accounts.

Recently, it stated that it will be launching its platform in the United States as well. It remains to be seen whether it is able to provide perfect security in the future or not. Coincheck will surely have to prove to the users that it is completely safe and thereafter only, users will actually think about investing with the cryptocurrency exchange. That is why, it is important for the cryptocurrency exchange to constantly work on improving the security measures. Also, it is important for it to avoid any further glitches if it wants to maintain its reputation.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.