Coincheck Acquires Paris-Based Aplo in First Major Step Toward European Expansion

Japanese cryptocurrency exchange Coincheck is moving into Europe with the acquisition of Aplo, a Paris-based regulated digital asset brokerage focused on institutional clients. The deal is expected to close in October 2025, pending final approvals.

Coincheck announced Tuesday that it had signed a definitive agreement to purchase all issued and outstanding shares of Aplo. Under the terms, Aplo shareholders will receive newly issued ordinary shares of Coincheck.

The move marks Coincheck’s first major international acquisition and reflects the company’s strategy to expand beyond its core Japanese market into Europe’s institutional and retail crypto sectors.

Founded in Paris, Aplo provides trading infrastructure and services to more than 60 institutional clients, including hedge funds, banks, and asset managers.

The firm is registered as a digital asset service provider (DASP) with France’s financial regulator, the AMF, and is also working toward compliance with the European Union’s upcoming Markets in Crypto-Assets (MiCA) framework.

For Coincheck, the acquisition provides both a direct foothold in the European Economic Area (EEA) and a pathway to participate in one of the most tightly regulated crypto markets globally.

Expanding Institutional Offerings And Global Expansion

Coincheck said it plans to integrate Aplo’s capabilities in cross-margining, deferred settlement, and liquidity management into its broader platform.

The company aims to expand its product offerings across multiple jurisdictions while increasing liquidity available to clients. Gary Simanson, CEO of Coincheck Group, says the acquisition gives his company access to technology and expertise recognised by European institutional customers

“By combining our strengths, we believe we will be better positioned to meet the needs of institutional crypto investors, which includes plans to provide a valuable B2B2C offering to banks looking to make crypto investing available to their customers."

Coincheck’s expansion into Europe is supported by its parent company, Monex Group, which has been pursuing new growth initiatives, including the potential launch of a Japanese yen-pegged stablecoin.

Monex Chairman Oki Matsumoto has noted that issuing stablecoins requires significant resources but warned that the firm risks falling behind global competitors without such efforts.

"Issuing stablecoins requires significant infrastructure and capital, but if we don't handle them, we'll be left behind."

Coincheck itself has seen rapid growth over the past year. The exchange reported a 75% revenue increase in its fiscal third quarter, following its December 2024 Nasdaq listing, which provided new capital and expanded its international profile.

A Bridge Between Asia and Europe

Coincheck’s acquisition of Aplo reflects a broader trend of Asian exchanges seeking international expansion in response to rising institutional demand and evolving regulatory frameworks.

The deal positions Coincheck as one of the first major Japanese exchanges to secure a regulated European presence, potentially serving as a model for future cross-border consolidation in the digital asset industry.

As MiCA implementation approaches, Coincheck’s move into Europe highlights the growing importance of regulatory alignment and institutional access in shaping the next phase of the global crypto market.