Monex Group, Inc which is based in Tokyo is planning to introduce its own Bitcoin exchange in the United States market. According to the firm?s financial brief, it plans to launch the trading services through TradeStation, which is one of its subsidiaries.
Monex Group is a Japanese online brokerage company that recently acquired Coincheck. In April, the Tokyo based firm bought the latter for $33 million following the hacking episode that nearly caused it to close down. However, this was not the first time it acquired an exchange. It bought its first exchange, TradeStation far back in 2011.
Expanding into the U.S
Monex which holds more than two million accounts in the Japanese market intends to expand its operations into the U.S market. The Japanese company intends to establish a crypto exchange called TradeStation Crypto. It is suspected to be a subsidiary of TradeStation which is a securities brokerage firm.
It is claimed that the new crypto trading company will be based in Florida. Monex is said to be holding talks with regulators in a bid to get the required licenses to operate in the region. New York BitLicense is said to be one of the regulators that the firm is meeting. However, Monex Group Chief, Matsumoto Osamu disclosed that the group is still deliberating on whether to register the new company under Coincheck or as a subsidiary of TradeStation.
In spite of, the U.S having stern crypto regulatory rules, Monex Group has always been ambitious to expand into the said market. The company’s CEO, Oki Matsumoto stated that ?Japan may seem like it?s one step ahead in crypto, but regarding deciding what?s a security or a token and attracting institutional investors, the U.S. and Europe are moving ahead.?
Coincheck to be fully operational
Matsumoto also revealed that Coincheck should be fully operational beginning next month. Initially, it was expected to be fully opened by June. However, the Financial Services Authority delayed in issuing the firm an operating license.
Nevertheless, the CEO is optimistic the FSA will grant Coincheck an operating license. This is due to the fact that, Monex has completed its investment in cybersecurity as well as enhancing internal management.