Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 32

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 32
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 customers, including in Japan and other more highly regulated jurisdictions, without complying with the relevant licensing and other limitations and requirements in Japan and other more highly regulated jurisdictions. Due to our regulated status in Japan and our commitment to legal and regulatory compliance, we have not been able to offer popular products 16 and services that our unregulated or less regulated competitors operating outside of Japan are offer, and this may adversely impact our ability to be competitive, which may adversely affect our business, financial condition, and results of operations. Many innovative start -upcompanies and larger companies have made, and continue to make, significant investments in research and development, and we expect these companies to continue to develop products and technologies that compete with our products. More traditional financial and non -financialservices businesses may also choose to offer crypto asset trading services and other crypto -basedservices in the future as such services gain acceptance. Our current and potential competitors may establish cooperative relationships among themselves or with third parties that may further enhance their resources and their marketing efforts, which could require us to increase our own marketing efforts and incur higher advertising expenses in order to remain competitive. Due to our dependence on revenue from transactions on our Marketplace platform, if current or future competitors offer trading at spreads or commission levels more favorable to retail users than those we offer, our competitive position and operating results could be materially and adversely affected. Some of our existing competitors have, and some of our potential competitors may or will have, various competitive advantages over us, such as: •the ability to trade crypto assets and offer products and services that we do not support or offer on our cryptocurrency marketplace or exchanges, or Coincheck NFT Marketplace (due to constraints from regulatory authorities and other factors); •greater name recognition, longer operating histories, larger customer bases and larger market shares; •larger sales and marketing budgets and organizations; •more established marketing, banking, and compliance relationships; •greater customer support resources; •greater resources to make acquisitions; •lower labor, compliance, risk mitigation, and research and development costs (in total cost or as a percentage of total revenue); •larger and more mature intellectual property portfolios; •a greater number of applicable licenses or similar authorizations, including registration as a Type I Financial Instruments Business operator (derivatives, margin, and proprietary securities transactions) in Japan (although we plan to apply for a Type I license later this year, we do not currently have one, acquiring one requires substantial increased capitalization and regulatory approval, and there is no assurance that we will be approved or decide or be able