Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 122

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 4
Chunk 122
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elines of the JVCEA we do provide information to customers at the time of account opening about our fees, 
including explanatory materials regarding our bid-ask spreads, as well as fees for withdrawals or transfers, and any 
other service fees. We also provide this information via our website and smartphone application.
The trading operations system behind our platform screens is designed to limit our price-risk exposure 
regarding our buy and sell transactions with our customers by matching corresponding buy and sell orders to offset 
open positions. Under Coincheck’s terms of service, a customer’s order is locked-in immediately upon the 
customer’s acceptance of the quoted price and cannot be changed or canceled after that point. After we accept a 
customer’s sale or purchase order for a particular crypto asset, our system will:
•first seek to match and offset the user’s buy order with a corresponding sell order of another user, or
vice versa, by searching for that availability or liquidity across order positions held by our customers
on our platforms (first, within our Marketplace Platform, then our Exchange platform);
•if the matching of a buy or sell order is not 100% completed, our system compares our total exposure
to the subject cryptocurrency against policy thresholds we have set for such exposure, which as of
March 31, 2025 range from -¥20 million to ¥40 million for Bitcoin and from ¥1.5 million to
¥20 million for other cryptocurrencies we support; and
•if our policy threshold for exposure is exceeded because there was insufficient liquidity on our
Exchange platform, execute a hedging or cover transaction with respect to the subject cryptocurrency
on another cryptocurrency exchange.
Our system technology’s search and matching capabilities are designed to achieve near-simultaneous 
execution of both sides of each trade or transaction to substantially eliminate our risk as the buyer and seller for 
customers’ trades.
Exchange Platform
Our Exchange platform is targeted at more experienced and institutional users who are interested in trading 
larger amounts, and also provides additional liquidity to support the fulfillment of customer orders made on our 
Marketplace platform. Our Exchange platform is operated via a web browser-based version of our software that we 
believe gives more experienced and sophisticated users a higher level of functionality to access deep markets in 
select cryptocurrencies. The Exchange platform works as follows: Order books are created where sellers and 
purchasers share their respective trading prices, and once orders with similar trading prices and conditions are 
matched, these transactions are promptly executed and settled. Under our terms of service,