Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 134

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 4
Chunk 134
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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 we maintain for custody of customer assets, normally within 24 hours from execution of the transaction. We 
may utilize crypto assets being held by us in our hot wallets that we have borrowed from customers under our 
Coincheck Lending program to facilitate the prompt execution of our customers’ transactions before we 
subsequently transfer the subject crypto assets to or