Coincheck Review: Is This Japanese Crypto Exchange Safe and Still Operational?

When you hear Coincheck, a once-leading Japanese cryptocurrency exchange that was hacked for $530 million in 2018. Also known as Coincheck Inc., it was one of the first platforms in Japan to offer fiat-to-crypto trading after the country legalized digital assets in 2017. Coincheck wasn’t just another exchange—it was a gateway for millions of Japanese users trying crypto for the first time. But after the NEM theft, everything changed.

That hack didn’t just cost users money—it shattered trust in Japan’s crypto scene. Regulators stepped in hard. Coincheck had to rebuild from scratch, with new ownership, tighter security, and full compliance under Japan’s Financial Services Agency. Today, it’s back online, but it’s not the same. It no longer supports dozens of altcoins. It dropped margin trading. It tightened withdrawal limits. And while it now offers USD, JPY, and EUR deposits, the platform feels more like a cautious utility than a dynamic trading hub.

Compare it to other Japanese crypto exchanges, like BitFlyer or Zaif, which also faced regulatory pressure but kept broader functionality. Coincheck chose safety over speed. It’s now a regulated, licensed exchange—but that means fewer features, slower support, and a user experience built for compliance, not excitement. If you’re in Japan and want a simple way to buy Bitcoin or Ethereum with a bank transfer, Coincheck still works. But if you’re looking for DeFi, staking, or altcoin trading, you’ll hit walls fast.

And here’s the real question: can you trust it again? The $530 million loss was repaid in full—by the company, not insurance. That’s rare. But the fact that such a massive breach happened at all tells you something about its old systems. The new team cleaned up, but the scars are still there. Users report slow customer service, long verification times, and occasional platform freezes during market spikes. It’s not a scam. It’s not dead. But it’s not thriving either.

If you’re thinking about using Coincheck, know this: it’s the crypto equivalent of a bank that survived a robbery. They’ve installed new locks, hired guards, and changed the vault code. But you still remember the sound of the safe being cracked. The platform works. The money is safe. But the thrill? Gone. The freedom? Reduced. The trust? Partially rebuilt.

Below, you’ll find real user experiences, technical breakdowns, and comparisons with other exchanges that help you decide if Coincheck still fits your needs—or if you’re better off looking elsewhere.