Japanese Exchange Takeover: Zaif Transfers All Crypto Services to Fisco

Japanese crypto exchange Zaif has concluded a business transfer agreement with another regulated crypto exchange in Japan. Fisco Cryptocurrency Exchange will take over all of Zaif’s services and will be responsible for repaying users who lost their coins when Zaif was hacked last month.

Business Transfer Agreement

Tech Bureau, the operator of Zaif, has signed an agreement to transfer Zaif’s business to Fisco Cryptocurrency Exchange (FCCE), the company announced Wednesday.

“While the details of specific measures addressing damages to Zaif users are under consideration, a formal business transfer agreement for the Zaif business to FCCE was concluded,” Fisco wrote, adding:

Japan currently has 16 regulated crypto exchanges. Both Zaif and Fisco Cryptocurrency Exchange were licensed by the country’s Financial Services Agency in September last year. In August 2017, Fisco announced the launch of “Japan’s first bitcoin-denominated bonds.”

Fisco’s Long-Term Agreement With Tech Bureau

Two days prior to the hack, on Sept. 12, Fisco Cryptocurrency Exchange reviewed its system in order to stop using Tech Bureau’s white label system and start using its new trading system provided by Ccct Inc., a wholly-owned subsidiary of Caica Inc.

Plan to Compensate Zaif’s Users

After discovering the security breach on Sept. 17, Zaif immediately suspended several services, including deposit, withdrawal, and merchant payment. The exchange claims that 5,966 BTC, 42,327 BCH, and 6,236,810 MONA were stolen.

For MONA, “compensation will be made in Japanese yen to the equivalent value” of the amount held by each user at the rate of 144.548 yen per coin, Tech Bureau detailed. At the time of this writing, MONA is trading at 148.4 yen on Zaif.