Monex CEO: Closer Crypto Exchange Oversight 'Common Sense'

Oki Matsumoto's comment raises eyebrows, given that his firm just plumped for a crypto exchange of its own.

AccessTimeIconApr 23, 2018 at 5:00 a.m. UTC
Updated Sep 13, 2021 at 7:51 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The CEO of Monex Group, Japan's third-largest online brokerage, thinks Japan's cryptocurrency exchanges - including the one his firm recently decided to buy - should be regulated more strictly.

"Japan's exchanges do both matching and custodial services - they're close to a bank," Oki Matsumoto told Reuters in an interview published Friday. "To someone in the financial industry like myself, it's common sense that regulations will get stricter."

Matsumoto has had a busy month. Rumors swirled at the beginning of April that Monex would acquire Coincheck, a Japanese cryptocurrency exchange that lost perhaps $530 million worth of customers' XEM (the native token of the NEM network) in a breach uncovered in January.

The theft exceeded the amount stolen in another infamous Japanese cryptocurrency exchange breach – MtGox.

Monex confirmed the acquisition on April 6, announcing that it would acquire 100 percent of Coincheck and replace its president with Monex senior executive officer Toshihiko Katsuya. The same day, reports emerged that Monex was considering an initial public offering (IPO) of Coincheck shares, a first for a Japanese cryptocurrency exchange.

Competition may also be on Matsumoto's mind, following the news that Yahoo Japan invested somewhere in the range of $18.6 million to $27 million in the Japanese cryptocurrency exchange BitArg.

Yen and bitcoin image via Shutterstock.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.