Company: CNCKW
Filing Date: 2025-08-29
Form Type: POS AM
Source: 0001213900-25-082038
Chunk: 146

Company: Coincheck Group N.V.
Filing Date: 2025-08-29
Form: POS AM
Chunk 146
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 information. 96 If we receive information that leads to credit concerns about a specific cover counterparty with which we transact, we would reduce the amount on deposit with such cover counterparty and transfer assets to another cover counterparty in order to permit uninterrupted execution of cover transactions. Moreover, if we receive information that could suggest reputational or legal concerns or put into question the ongoing viability regarding a cover counterparty, we would evaluate such information and concerns and, if we deem it necessary, take measures to transfer assets deposited with such cover counterparty to another cover counterparty and terminate the relationship with such cover counterparty. If we receive information that leads to credit, legal or reputational concerns with cover counterparties for a particular crypto asset, we would first attempt to use our Exchange platform, or other OTC counterparties that are capable of netting settlement, to execute cover transactions. If we determine no such alternatives are feasible for a particular crypto asset, we would then temporarily suspend trading of the crypto asset. With respect to risk management specifically with respect to crypto asset deposits we make with Binance in our cover counterparty relationship, in December 2022 we added a function to our internal system in the form of a Coincheck -initiatedimmediate withdrawal process on our administrator screen. This withdrawal process allows us at our discretion to initiate the withdrawal of the balance of our crypto assets deposited with Binance. As of March 31, 2025, Binance has a daily withdrawal limit of $160 million USD (approximately ¥25.5 billion based on exchange rates as of March 31, 2025), and the value of our crypto assets held on deposit with Binance as of March 31, 2025 is ¥129 million. Under our current internal practices, total assets held on deposit with Binance cannot exceed ¥300 million (approximately $2.0 million based on exchange rates as of March 31, 2025). We are not subject to any other restrictions with respect to this withdrawal process. However, it is possible that Binance could fail to, or be restricted from, fulfilling our withdrawal requests. There is not a similar immediate withdrawal process in place for other cover counterparties (other than Binance) because we believe that the amount of crypto assets deposited with other cover counterparties, and after taking other relevant facts or factors concerning those cover counterparties into consideration, do not warrant such a system at this time, but should that change with respect to another cover counterparty we may decide to set up a similar immediate withdrawal