Company: CNCKW
Filing Date: 2025-01-28
Form Type: F-1
Source: 0001213900-25-007203
Chunk: 190

Company: Coincheck Group N.V.
Filing Date: 2025-01-28
Form: F-1
Chunk 190
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 to X (formerly, Twitter), and other available news sources, such as CoinDesk and The Block. We also review public proof of reserve transactions on -chainand 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 (see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Recent Developments and Outlook”), 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 Binance has a daily withdrawal limit of $160 million USD (approximately ¥23.0 billion based on exchange rates as of September 30, 2024), the value of our crypto assets currently held on deposit with Binance is far below this withdrawal limit, and under our current internal practices, total assets held on deposit with Binance cannot exceed ¥300 million (approximately $2.09 million based on exchange rates as of September 30, 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