- Coincheck, a Japanese crypto exchange, nears Nasdaq listing with SEC approval in place.
- Final steps, including a shareholder vote, are set for December, potentially launching trading by mid-month.
- Coincheck faces hurdles around regulatory and operational challenges post-listing.
Monex Group has announced that its crypto exchange, Coincheck, has cleared a key regulatory milestone with the U.S. Securities and Exchange Commission (SEC), making its upcoming Nasdaq listing a significant step closer.
Coincheck’s registration statement (Form F-4) has been officially deemed effective, signalling that the SEC has approved the filing as meeting all legal requirements. This green light positions the exchange for a listing on Nasdaq as early as December 10, provided the final steps in the merger process go smoothly.
The approval brings Coincheck to the brink of its much-anticipated entry into the U.S. market. Coincheck’s parent company, Monex Group, also confirmed that the exchange would adopt a new corporate structure under Dutch law and rebrand as Coincheck Group NV, trading under the ticker “CNCK.”
Critical Dates Set for Finalization
Coincheck’s path to Nasdaq involves a few more key steps. A shareholders’ meeting for Thunder Bridge Capital Partners IV (THCP), the special-purpose acquisition company (SPAC) involved in the merger, is scheduled for December 5. Pending approval, the merger is expected to be completed around December 10, with trading commencing on the next business day.
This reorganization under Dutch law marks a strategic move as the exchange expands its global footprint. However, the path is not entirely clear-cut. THCP’s shareholders must approve the merger, and Coincheck will also need to meet Nasdaq’s minimum cash requirements, alongside other compliance standards.
Risks Highlighted in Crypto Exchange Coincheck’s Filing
Coincheck’s filing doesn’t shy away from the potential risks associated with its expansion. The volatility of the cryptocurrency market remains a central concern, as fluctuations in asset prices could impact revenue and investor sentiment.
Additionally, Coincheck must navigate diverse regulatory landscapes across various countries while implementing robust internal controls to meet the demands of a global operation.
The listing aims to propel Coincheck into a competitive U.S. market, but regulatory changes, especially around virtual currencies, add complexity to its growth trajectory. With the SEC’s approval now secured, all eyes are on Coincheck’s upcoming milestones as it inches toward its Nasdaq debut.
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