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Morning News: Coincheck’s ‘No’ to Bankruptcy, Yakuza ‘Crypto Deals’

Tim Alper
Last updated: | 2 min read

– Coincheck Seeks Funding Deal – “Yakuza Dealing in Crypto” – US Politicians Speak in Favor of Crypto Regulations – S Korean Regulator Bans its Staff from Crypto Trading

Catch up on the most essential cryptocurrency and blockchain news stories breaking in Asia and the Americas while the rest of the world was asleep.

Coincheck Seeks Funding Deal, Denies It Is Considering Filing for Bankruptcy
Japanese cryptocurrency exchange platform Coincheck has announced that it may strike a funding deal with partner companies. The move comes in the wake of a USD 400 million hack last month as the company makes a desperate bid to stay afloat. Media outlet Sankei quotes Coincheck officials as saying, “We are currently considering our [funding] options.” The outlet also quotes Coincheck as saying, “We are not filing for bankruptcy or anything of this sort. We want to continue doing business.”

Report: “Yakuza Dealing in Crypto”
Japan’s answer to the mafia, the Yakuza, is trading in cryptocurrencies – with reputable financial brokers happily playing the middle-man, reports Asagei, a weekly news magazine. The report claims that the Yakuza crime syndicate has invested considerable amounts of money in cryptocurrencies. Asagei also quotes a prominent but anonymous broker, who claims, “Money talks, and in that respect, businesspeople and the Yakuza are the same – they are all important customers to people like me.”

US Politicians Speak in Favor of Cryptocurrency Regulations
Reuters claims “several top American lawmakers” have said they want “new rules that could impose stricter federal oversight” on cryptocurrencies in the United States. The news agency quotes Republican Senator Mike Rounds, a member of the Senate Banking Committee, as saying, “There’s no question about the fact that there is a need for a regulatory framework.” The news comes only weeks after the country’s chief regulators, the Securities and Exchange Commission and the Commodity Futures Trading Commission, refrained from requesting the government to impose strict market regulations.

S Korean Regulator Bans its Staff from Cryptocurrency Trading
South Korea’s government has banned members of the regulatory Financial Supervisory Service (FSS) from dealing in cryptocurrencies. The rule is outlined in a newly issued code of conduct for FSS staff. The move is a follow-up from last month’s decision by the prime minister to set “standards” for public officials in their dealings with cryptocurrencies. Media outlet News Tomato quotes a FSS spokesperson as saying, “The new code is applicable to all employees, not only those involved in dealing with cryptocurrency-related matters. Cryptocurrency transactions are now out of bounds for all employees of the FSS.”