Japanese crypto asset exchanges Coincheck and bitFlyer announce the handling of Ethereum Classic

Japanese crypto asset exchange Coincheck announced on September 14 that it will temporarily suspend the purchase and sale of Ethereum Classic (ETC) and the accumulation of ETC on its crypto asset accumulation service.

According to the press release, the temporary suspension of ETC handling is scheduled for 5:00 p.m. on September 15. The reopening of the program has not been determined at this time.

Coincheck’s temporary suspension of ETC is in response to the fact that ETC has been experiencing an ongoing major reorganization (reorg) since early August, which is believed to have been caused by the 51% attack, the company said. Coincheck has also reached this decision because if ETC trading increases on Coincheck in the future, Coincheck will not be able to send and receive money to conduct covered transactions between domestic and international crypto asset exchanges in order to mitigate risk, and will not be able to safely manage users’ assets in a legally compliant manner, and may not be able to accommodate users’ sales.

On the same day, September 14, bitFlyer, another Japanese crypto asset exchange, also announced that it will stop depositing ETC from 5:00 p.m. on September 15.

bitFlyer also announced that it will suspend ETC deposits in order to protect its customers by reorging ETC. bitFlyer has not yet decided when it will resume ETC depositing.

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