Japanese Crypto Exchange Coincheck Receives SEC Approval To List on Nasdaq

Coincheck, a Tokyo-based cryptocurrency exchange and subsidiary of Monex Group, has received approval from the United States Securities and Exchange Commission (SEC) to list on the Nasdaq Global Market.

First Japanese Crypto Exchange on U.S. Market

Coincheck plans to list on a U.S. stock exchange through a merger with Thunder Bridge Capital Partners (TBCP), a special-purpose acquisition company. This would make Coincheck the first Japanese crypto exchange to do so.

The anticipated listing is notable for both Japan and the United States. Should the merger close successfully, it could deepen global crypto market integration and set a precedent for Japanese exchanges aiming to expand internationally. For the U.S., the move might attract more foreign crypto firms to the American market, aligning with the anticipated pro-crypto stance of President-elect Donald Trump’s administration.

The SEC’s recent approval paves the way for TBCP to hold a shareholder vote on December 5 to finalize the merger. If the shareholders agree, Coincheck’s listing could proceed as early as December 10 under the ticker symbol CNCK, with the exchange remaining a consolidated subsidiary of Monex Group. 

SEC’s Influence on Crypto Industry

The SEC’s recent approval highlights its influence on the U.S. crypto market, signaling its role in shaping industry growth. However, reports indicate that the financial watchdog has been strict in regulating digital assets, exchanges, and companies, as seen in the numerous warning notices it has issued to firms.

In May, Robinhood disclosed that it received investigative subpoenas from the SEC regarding its crypto asset listings, custody, and platform operations. Similarly, OpenSea CEO Devin Finzer revealed that the NFT marketplace received a Wells Notice from the SEC.

The growing oversight has drawn criticism from industry leaders. Recently, Joe Lubin, CEO of the blockchain software company ConsenSys, criticized the SEC’s approach, suggesting that its stringent policies hinder crypto innovation. Lubin made these comments during the ongoing Devcon 2024 Ethereum conference in Bangkok, Thailand, where ConsenSys also shared news about its Ethereum-based scaling network, Linea.

The blockchain software company announced that it will release Linea’s governance token, LINEA (LXP), through an airdrop in the first half of next year. The token will initially function as the governance token for Linea, an Ethereum Virtual Machine-compatible network, and will be distributed via a Token Generation Event (TGE) by the end of Q1 2025.