Coincheck Cryptocurrency Exchange Has Frozen All Withdrawals

Japanese cryptocurrency exchange Coincheck suspended withdrawals after the Ripple payment worths $123 million was made using its wallet on Friday, January 26th. Deposits made in NEM altcoins were also frozen.

An accompanying blog post stated:

“Depositing NEM on Coincheck is currently being restricted. Deposits made to your account will not be reflected in your balance, and we advise all users to refrain from making deposits until the restriction has been lifted.”

Moreover, the limitations spread to NEM sales and purchases, followed by withdrawals. Later the digital currency exchange has completely stopped withdrawals, both cryptocurrency and fiat.

Coincheck promised users to provide all the information a bit later and apologized for a sudden cut to services on English and Japanese social networks.

Notably, Coincheck is not registered with Japan’s Financial Services Agency — regulatory authority that is in charge of currency exchange in the country.

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