Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 87

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 87
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 16, 2024. We also charge trading commissions to certain corporate users, including

competitors, that use our Exchange platform to support their liquidity. We consider on a continuous basis, based on

relevant factors such as price or fee terms of competitors’ similar exchange offerings, whether we can grow our

revenue in our Exchange platform business.

Account Management and Custody of Crypto Assets, and Insurance Coverage

Account Management and Custody of Customer Crypto Assets

Key customer account information, such as transaction history and balance information, can be accessed by

our customers online. We do not charge fees for basic account maintenance.

We provide custody for our customers’ cryptocurrencies in compliance with the regulations established

under Japan’s Payment Services Act (PSA) as described under “ - Regulatory Environment - Regulations on

Crypto Asset Exchange Service.” Those regulations require segregation of customer cryptocurrencies from our own

inventory and our policy is for substantially all crypto assets (other than cryptocurrencies held by us under our

Coincheck Lending and Coincheck Staking programs or deposited with counterparties, and NFTs) to be held in

secure cold wallets to minimize security risks of loss from cybersecurity attacks and similar incidents. We do not use

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borrowed crypto assets for proprietary trading or to enter into unhedged positions. Also, funds (fiat) deposited with

us by our customers are managed separately from our own funds through trust accounts with JSF Trust and Banking

Co., Ltd.

The proportion of cryptocurrencies we hold in cold wallets, hot wallets or on deposit with cover

counterparties depend on regulatory requirements or guidelines regarding cold wallet storage, the amount of

customer transactions driving the need to facilitate prompt execution through the use of hot wallets, and the credit

levels of external exchanges. As earlier mentioned, most of our customers’ cryptocurrencies (usually over 90%) are

held in cold wallets, and our policy target is that no more than 5% be held at any given time in hot wallets. Our

Accounting & Finance Department is responsible for monitoring and determining the appropriate allocation, and our

Dealing Department is then responsible for managing what amount of cryptocurrencies to borrow, hold in hot

wallets and to deposit with cover counterparties.

The Marketplace platform displays quotes for the cryptocurrency pricing (which includes Coincheck’s

spreads). Once Marketplace platform customers’ orders are executed, the transaction is then reflected in the

customer account, and we withdraw or deposit the crypto assets sold or purchased from or in the segregated cold

wallets