The Tokyo-based crypto-exchange Coincheck announced this Morning in a Blog Post that they completed their Leveraged Trading Service.
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Period runs until 2020
The planned end date for the Leveraged crypto-Trading Friday, 13. March 2020, 12:00 PM. Until then, all open positions should be balanced.
The customers will then have until the end of March 2020, the time to transfer Yen funds on the lever account of Coincheck on your own Trading account.
Positions that are not settled by the end date will be automatically closed, the entire balance is then transferred to the Leverage account. Similarly, all the levers account balances that were not transferred until the end of March will be transferred after this date automatically.
New Orders for leveraged crypto-Trades will be suspended with immediate effect, even though the transaction history of the leveraged Trades is still accessible.
This schedule can be changed Coincheck, according to without notice.
Reduction in Leverage is implemented only in October
Coincheck has until the 31. October recorded the leveraged crypto-Trading again, after the service was suspended at the end of August temporarily. According to reports, so that a reduced Leverage Cap of 4x should be introduced, which represents a decline of 20% compared to the previous Cap of 5x.
At the time, Coincheck, said that the step aims to meet the guidelines of the “Japanese Virtual-Currency Exchange Association” (JVCEA). This self-regulatory body focused since its inception in April 2018, to limit the leverage of the crypto-trading in Japan.
Coincheck has decided for the time being, the Leveraged Trading the whole set – maybe from lack of customer interest.
In his statement, Coincheck assured the users that improve the user-friendliness and new services will work, the customers benefit.
The parent company, Monex promotes Bitcoin spread
Coinchecks parent company Monex has launched recently several initiatives to increase bitcoin acceptance. In September, they announced that shareholders would receive a Coincheck account a reward of 500 Yen ($5) in BTC.
In October, it was then launched a program that allows customers to pay their domestic gas bills in Bitcoin and receive a discount of 3%.