Company: CNCKW
Filing Date: 2025-04-10
Form Type: 424B3
Source: 0001213900-25-030417
Chunk: 181

Company: Coincheck Group N.V.
Filing Date: 2025-04-10
Form: 424B3
Chunk 181
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and use on -chainanalysis and research conducted by blockchain analytics platforms, such as Nansen and Defillama, to obtain additional information. If we were to 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 were to 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 were to 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. Furthermore, in light of the market trends during the fiscal year ended March 31, 2023, we added a function to our internal system in the form of a Coincheck -initiatedimmediate withdrawal process on our administrator screen in December 2022. This Coincheck -initiatedimmediate withdrawal process allows us at our discretion to initiate the withdrawal of the balance of our crypto assets deposited with Binance to further ensure that crypto assets deposited with Binance are safeguarded. Although as of December31, 2024 Binance has a daily withdrawal limit of $160 million USD (approximately ¥25.5 billion based on exchange rates as of December 31, 2024), the value of our crypto assets held on deposit with Binance as of December31, 2024 is ¥300million, far below this withdrawal limit, and under our current internal practices, total assets held on deposit with Binance cannot exceed ¥300 million (approximately $1.88 million based on exchange rates as of December 31, 2024). 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 because we believe that the amount of crypto assets deposited with other cover counterparties, and after