Monex Group, a Tokyo-based financial services company that operates retail brokerages TradeStation, Monex, Boom Hong Kong, and cryptocurrency exchange Coincheck, announced some management changes today at two of its companies – Monex and Coincheck.
Monex has made changes to its auditing team. Effective from September 12, 2018, Kiyoshi Tamura will be replaced as company auditor by Kazunaga Nakajima. Tamura has been with the firm for years.
In July 2014, Tamura became Managing Director, Senior Executive Director and General Manager for the subsidiary’s Credit Department. This was amid a major restructuring of Monex’s development business. Before this, he was Managing Director and Senior Executive Director.
Kiyoshi Tamura moves to Coincheck
However, Tamura will not be leaving the company. Instead he will be joining the company’s other subsidiary, Coincheck, a Bitcoin wallet and exchange service headquartered in Tokyo, Japan.
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At Coincheck, Tamura will be Executive Director. For many of you, the name Coincheck might sound familiar. This is because in January this year, the firm was the target of the largest theft in crypto history when hackers stole more than $530 million worth of the cryptocurrency NEM.
Following this, in April of 2018, Finance Magnates reported that Monex acquired the struggling cryptocurrency exchange. The deal was worth $33.5 million, a figure that offers a glimpse into the value of cryptocurrency exchanges.
In July this year, the group reported its first-quarter earnings for its fiscal year. Whilst overall the firm experienced a strong increase in revenue, Coincheck’s operations significantly limited the revenue stream even after the acquisition.
In addition, the firm had to invest money into the exchange to strengthen its cybersecurity and internal controls. As a result of all of these factors, the segment reported a loss of $2.7 million.