A couple of updates came public from Japanese bitcoin exchange Coincheck today. First, the company said that to comply with the Payment Services Act and Act on Prevention of Transfer of Criminal Proceeds, starting from May 1, 2017, Coincheck is disabling new borrowing of Japanese yen for margin trading.
Features that users can continue to use after May 1, 2017, include repayment of borrowed Japanese yen (JPY), new borrowing or repayment of cryptocurrencies including bitcoin, and leveraged trading for both short and long position.
Secondly, the exchange said that starting April 1, 2017, Coincheck will be implementing new KYC (know your customer) regulations. Users who have not completed identity verification must complete it by April 1, 2017. If users cannot complete identity verification by the due date, all transactions such as order, deposit/withdrawal, etc. may be disabled.
For users who have completed identity verification before March 1, 2017, the exchange can complete identity verification procedures by mailing a physical postcard. Users must re-submit documents if the registered address has changed from previously submitted documents or document valid date has expired.
For individual or corporate users who live outside of Japan, Coincheck will soon announce KYC identity verification procedures separately.
