Japanese Exchanges BitFlyer and Coincheck Updates, Along with GMO Internet Earnings

Bitflyer, Japan’s largest crypto exchange will freeze accounts if caught manipulating prices. GMO Internet just released their quarterly earnings for its crypto exchange. Additionally, Coincheck is planning to reopen next month.

Given below are these stories in detail.

Bitflyer Cracks Down On Market Manipulation

Bitflyer made a voluntary decision of not accepting new signups after receiving a business improvement order from the country’s top financial regulator, the Financial Services Agency (FSA). On Thursday, they issued an official statement which said:

“In accordance with our Terms of Use, we may freeze accounts observed to have intentionally performed market manipulation or other forms of maliciously setting market prices. We will continue to do our best to build a sound trading environment.”

Five other exchanges, namely, Bitbank, Bitpoint, Btcbox, Quoine, and Zaif, received an improvement order at the same time. However, unlike Bitflyer’s, their revamping is not as strict as BitFlyer. Bitflyer has been delaying deposits and withdrawals as it tries to comply with the FSA’s order.

GMO Group Releases Quarterly Earning

GMO Group, an internet conglomerate released its quarterly earnings on Thursday. The company recorded operating income for its crypto business in the second quarter after making a loss in the first due to sharp drops in crypto prices. A spokesperson said:

“In the virtual currency business, the number of account openings grew steadily due to aggressive promotion activities … Operating revenue in this segment was 1,612 million yen [~US$14.5 million], operating loss was 258 million yen [~$2.3 million].”

Additionally, GMO Coin is currently accepting applications from customers wanting to loan the company their BTC. Customers can apply between July 24 and August 6. The minimum GMO will borrow is 10 BTC and the maximum is 200 BTC.

Coincheck To Reopen After Hack

After its hack in January, Coincheck had suspended new account registrations. Monex Group’s president, Oki Matsumoto, said Friday that he expects to relaunch Coincheck in August. Matsumoto said:

“I would like to restart full Coincheck service in August … The management system of Coincheck has greatly improved with the entrance of Monex Group.”

The group acquired Coincheck in April after it was hacked in January. According to Monex Group’s financial results from April to June, Coincheck made a pre-tax loss of 259 million yen (~$2.33 million).

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