If you have been following our crypto news since January, you probably remember the $500 million hack that hit the Japanese exchange Coincheck which was the largest theft in the crypto history.
The hackers used the vulnerability of the security system of the exchange and stole more than $500 million. Coincheck was supposed to receive and exchange license from the Japanese Financial Services Agency in October but the agency extended the grace period.
After many changes being done in the company, the most important one being selling Coincheck, as reported today by a local Japanese media, Coincheck will finally receive a license after 2018 ends. The exchange even started accepting new clients at the beginning of November.
Some of the changes also included delisting Monero, Zcash, and Dash because as the exchange explained, the delisting of these tokens was a strategy to protect their customers. This decision could be related to the licensing process according to some.
Coincheck lists a few other crypto tokens that lead to its lower volume when compared to other exchange competitors such as Binance. Over a period of 25 hours, Coincheck has $22 million in volume and it is now in the middle of the list of exchanges by volume.
This announcement about the licensing could potentially boost the exchange on the market despite Binance being the leader in the global market overall. The volume of Binance consists of the huge pair variety while Coincheck mostly focuses on fiat/BTC markets.
More than 200 other crypto exchanges in Japan are waiting for approval from the JFSA as well.
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‘’We will be removing 23 trading pairs on August 16, 2019, due to low volume. Note that each asset will continue to be independently tradable.’’More than half of the listed pairs are in ETH, about six are XMR pairings and the rest are stabelcoin pairs for the various obscure altcoins. Some of them include Loom Network/ USDT which has $50 traded in the past day, Status/USDT with just $157, Bancor/USDT trading only $75 per day, FOAM/USDC and the worst performing pair which is the Khyber Network/USDT. Some of the ETH pairs were popular altcoins with high volumes such as Golem, Qtum, GAS, Steem, OmiseGO and Civic but after bitcoin, Ethereum and Zcash as top pairs on the exchange, all others burst into flames. The Monero paris aside from BTC and stablecoins will also be dropped because of the low volumes. This could only be the case of falling volume on that particular exchange because the same pairs on Binance are doing really well. Compared to two years ago in 2017, the altcoin scene looked a lot different than today and many of the altcoins have now falled off the digital cliff in terms of token price regardless of other developments on the project by the respective teams. Two years ago in August, IOTA was the fifth largest cryptocurrency by market cap which was priced at $0.94 with a $2.6 billion market cap. Today as we can read in the latest cryptocurrency news, IOTA is struggling to say in the top twenty and is down by more than 75%. The Crypto Exchange Poloniex drops the pairs and we shall see if any major fluctuations will happen.
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