Coincheck Exchange

Coincheck is one of Japan's most well-known cryptocurrency exchanges, famous for its user-friendly mobile app and, unfortunately, for being at the center of Japan's largest crypto hack — the 2018 NEM incident. Despite that setback, Coincheck was subsequently acquired by Monex Group, rebuilt its security systems, and re-obtained its FSA license. Today it remains one of Japan's top three exchanges by user count.

History and Background

Coincheck was founded in August 2012 by Koichiro Wada and Yusuke Otsuka. It quickly became popular due to its clean, simple mobile application that made buying Bitcoin accessible to everyday Japanese users. By 2018, Coincheck had grown to become one of the most downloaded financial apps in Japan.

In January 2018, Coincheck suffered a massive hack where approximately 58 billion JPY (~$530 million USD at the time) worth of NEM tokens were stolen from its hot wallet. This became the largest crypto exchange hack in history at that point, surpassing the Mt. Gox incident. Coincheck compensated all affected users using company funds — a significant move that helped restore trust.

In April 2018, Monex Group, a major online brokerage listed on the Tokyo Stock Exchange, acquired Coincheck for approximately 3.6 billion JPY. Under Monex ownership, Coincheck overhauled its security infrastructure and successfully re-registered with the FSA in January 2019. In December 2023, Coincheck went public on NASDAQ via a SPAC merger, becoming the first Japanese crypto exchange to list on a US stock exchange.

Key Company Facts

Key Features

Beginner-Friendly App

Coincheck's mobile app is widely considered the most intuitive among Japanese exchanges. The onboarding process is streamlined, and buying crypto requires just a few taps. This has made it the go-to exchange for first-time crypto buyers in Japan, particularly younger demographics.

Coincheck NFT Marketplace

Coincheck launched Japan's first domestic NFT marketplace in 2021. Users can trade NFTs from popular Japanese blockchain games including The Sandbox and Decentraland using Japanese yen, without needing an Ethereum wallet or gas fees.

Coincheck IEO

Coincheck has positioned itself as a leader in Japan's IEO (Initial Exchange Offering) market. It has conducted IEOs for HashPalette (PLT) and other tokens, giving Japanese retail investors early access to new crypto projects in a regulated environment.

Lending Service

Coincheck offers a crypto lending service where users can earn interest by lending their Bitcoin. This is a relatively rare feature among Japanese FSA-regulated exchanges, though availability is limited by quota.

Fee Structure

Pros & Cons

Summary

Coincheck has made a remarkable comeback since the 2018 hack. Under Monex Group ownership, its security is significantly improved and it has diversified into NFTs, IEOs, and lending. Its NASDAQ listing adds an extra layer of corporate transparency that few global exchanges can match.

For beginners in Japan, Coincheck remains one of the easiest ways to start investing in crypto. The app's simplicity, zero trading fees, and wide coin selection make it a solid first exchange. Experienced traders may prefer bitFlyer's Lightning platform or bitbank for tighter spreads, but Coincheck's ecosystem of features makes it a strong all-around platform.