Coincheck exchange partially revived XMR transactions

May 11th, 2018

Coincheck crypto exchange, which is the part of the Monex Group and one of the most significant cryptos and financial service companies in Japan, partly restored its support for Monero (XMR). Now Coincheck users can withdraw and sell XMR through the exchange, but not purchase them.

This January, Coincheck experienced one of the biggest hacks in cryptocurrency history and lost about ¥58 billion (~$550 million). Since that time, exchange suspended all transactions for the most anonymous currencies: Monero (XMR), Dash (DASH) and Zcash (ZEC). However, as soon as the company implemented new security and identification protocols, they decided to unblock anonymous cryptos.

There are still some restrictions and additional conditions for its customers. For example, user can’t purchase Monero, but can withdraw and sell his funds. All previous transaction requests were canceled, so holders have to open new requests. One more new security feature is the mandatory verification of identity. The process may take a while, and Coincheck warns its users about it.

The main warning from the exchange is that if rapid growth of the trading volume will be registered, then all transactions of that coin will be automatically suspended: temporarily or permanently.