Coincheck Crypto Exchange Announces $490 Million Profit (Crypto News Today)

According to Bloomberg’s April 27 report, the Japanese crypto exchange Coincheck generated an estimated 53.2 billion yen (about $490 million) in the ten-month period between April 2017 and January 2018.

By comparison, Bloomberg said Japan Exchange Group, Japan’s leading stock and derivative market operator, gained 71.8 billion dollars ($ 657 million) in the fiscal year ended March 2018, bringing the traditional stock market’s profits roughly to the same level as Coincheck.

Coincheck took a decision on restructuring in January 2018 after a $ 532 million NEM rip-off from crypto-purses, and Money Group Inc. as a wholly-owned subsidiary.

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Monex Group estimates that Coincheck has registered a huge sum of 47.2 billion yen ($ 432 million) for the fiscal closure in March as a refund to hacked users , but despite this extraordinary loss fund, Coincheck has completed the fiscal closure positively and net 62.6 billion Revenue earned a revenue of 6.3 billion yen over sales.

Monex Group intends to focus on developing Coincheck as a cryptographic currency exchange during the upcoming fiscal year, as well as improving management and internal control.

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In February 2018, Japan’s Financial Services Authority (FSA) requested Coincheck to submit a report on the risk management system of all registered and unregistered domestic crypto stocks that he filled in on February 13th after the hacking incident. All non-registered Japanese crypto stock exchanges are subject to FSA audits because of the growing international momentum from regulatory agencies.