In Japan, one of the world’s biggest markets for cryptocurrencies,
policy makers have introduced a licensing system to increase oversight
of local venues, seeking to avoid a repeat of the Mt. Gox exchange collapse
that roiled cryptocurrency markets worldwide in 2014.
Coincheck has yet to receive a license, according to the website of Japan’s financial regulator.

“Coincheck is a very well-known exchange in Japan,”
said Hiroyuki Komiya, Chief Executive Officer of Tokyo-based Blockchain Technology
Consulting. “We’ve seen several outages at various crypto exchanges recently,
so the extent and seriousness of Coincheck’s halt isn’t yet clear.
We’re all very eagerly awaiting to hear more detail on what’s happening.”

Coincheck, founded in 2012, had 71 employees as of July with headquarters
in Tokyo’s Shibuya district, an area popular with startups that was also home
to Mt. Gox, according to Coincheck’s website.
Last year, it began running commercials on national television
featuring popular local comedian Tetsuro Degawa.