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Coincheck Announces JPY Withdrawals Will Resume Next Week

Coincheck Announces JPY Withdrawals Will Resume Next Week

This Friday the Japanese exchange Coincheck has announced the resumption of yen (JPY) withdrawals will begin next week. The news follows the trading platform halting operations on the 26th of January. That day Coincheck was hacked and lost a total of 523,000,000 XEM, but the exchange promised to pay back the 260,000 customer accounts that were compromised. JPY withdrawals will be enabled for the trading platforms users beginning February 13, 2018.

Also Read: Japanese Crypto Exchanges Strengthen Self-Regulation Following Coincheck Hack

Coincheck Plans to Resume JPY Withdrawals Next Week

Coincheck Announces JPY Withdrawals Will Resume Next WeekAccording to the Japanese exchange Coincheck, the platform will resume yen withdrawals next week. The exchange says that a temporary suspension of JPY operations was put in place to protect the assets of Coincheck customers. The company says that “outside experts” are working with the trading platform to ensure withdrawals are ready for February 13th. Right now Coincheck reveals customer assets are being held by another party.

“Currently, all customer JPY assets are being stored in a customer-specific account in a major financial institution,” explains the Japanese exchange.  

We plan to resume normal operations for JPY withdrawals from the following date and will process customer requests in the order in which they come in.         

The Resumption of JPY Withdrawals Is Unrelated to XEM Reparation Payments

Coincheck Announces JPY Withdrawals Will Resume Next Week
Coincheck says the JPY withdrawals are unrelated to the NEM/XEM restitution.

Coincheck also notes that the withdrawals of JPY and the date mentioned is completely “unrelated to reparation payments for the XEM.” Just before the first of February Coincheck had announced that approximately 260,000 affected accounts ($423Mn USD) would be reimbursed. Balances will be repaid in JPY via the Coincheck Wallet the firm has stated and will be valued at approximately $0.81 USD per token. At the moment that price is much more than the current rate XEM tokens are being sold for as the spot price is $0.56 per coin.   

Withdrawal requests will be initiated on a first come — first serve basis, and Coincheck says the company may contact certain customers separately in order to confirm withdrawal details. As far as cryptocurrencies operations are concerned the exchange plans to lift withdrawal restrictions as soon as the company feels they are “able to guarantee the secure resumption of operations for each feature.”     

“If further complications preventing the safe resumption of withdrawals are discovered, the resumption date may be extended in order to guarantee customer asset security,” Coincheck concludes.

What do you think about Coincheck preparing to resume operations after the recent hack? Do you think the exchange will fulfill its promise to pay back the XEM at $0.81 per coin? Let us know your thoughts on this story in the comments below.

Images Shutterstock, Coincheck and the NEM/XEM logo. 

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Tags in this story
Assets, Coincheck, Customer Accounts, Hack, Japan, japanese exchange, JPY, JPY withdrawals, N-Featured, NEM, Normal Operations, Pay Back, Reimbursement, Restitution, Third Party, XEM, XEM Withdrawals
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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.