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Zaif Inc. — Japan crypto-asset exchange operator overview

Confidence: Likely Updated 2026-05-18 Review by 2026-08-08 Sources 8 Machine-translated Original (JA)
#fintech#jp-crypto-exchange#vasp#osaka#tech-bureau#hack-2018
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This entry sits under exchanges index. Read it with FSA crypto-asset exchange registration system for adjacent context and Japan financial regulation for tokens, crypto-assets, and payments for the broader system boundary.

FSA registration number Director-General of the Kinki Local Finance Bureau 第00001号 · JVCEA member #1014 · registration date 2017-09-29

1. Corporate entity / shareholders

  • Trade name: Zaif Inc. (株式会社Ｚａｉｆ)
  • Corporate number: 1120101054642
  • Established: 2016年 (平成28年), 4/12 (initially Fisco Coin, Inc.)
  • Capital: 52,945,000円 (as of 令和7年10月8日)
  • Registered head office: 2-chome 18-15号, Aragi-cho, Kishiwada-shi, Osaka (FSA registered address)
  • Office (actual operating headquarters): 5-11-9 Minami-Aoyama, Minato-ku, Tokyo- Parent company: JN Group, Inc. (TSE Standard / securities code 6634, formerly Nexus Group → JN Group)
  • Intermediate holding company: ZED Holdings, Inc. (Sakai-shi, Osaka) — a consolidated subsidiary of JN Group. The direct parent of Zaif
  • Unlisted (Zaif Inc. standalone); the parent JN Group is listed on TSE Standard

2. Licenses / registration status

  • Crypto-asset exchange business: Director-General of the Kinki Local Finance Bureau 第00001号 (registration date 2017-09-29)
    • The fact that the registering bureau is the Kinki Local Finance Bureau reflects its Kansai head-office roots. VASPs with a registering bureau other than Kanto are rare
  • JVCEA member: Type I (crypto-asset exchange business only), member number 1014
  • Member association: Japan Virtual and Crypto assets Exchange Association (JVCEA)

3. Listed currencies

As of 2026年5月, handles the following 24 listings (published on the official support page):

BTC, ETH, SNPT, SKEB, ZPG, ZPGAG, ZPGPT, BORA, XYM, XEM, FSCC, CICC, NCXC, KAIA(KLAY), POL(MATIC), TRX, COT, BCH, MONA, ZAIF, CMS:XEM, CMS:ETH, XCP, JOC

  • Distinctive features: rich in listings originating from domestic communities, such as MONA (MonaCoin), XEM (NEM), and the ZAIF token. Tokens issued by former-owner groups, such as FSCC (Fisco Coin) and SKEB, also remain. It also handles GameFi / blockchain-game-linked listings such as ZPG (ZeplinGo) and SNPT (SNPIT)
  • In addition, it delisted the three listings MV, ROND, and DEP in February 2026. The JPY conversion / return work for those listings was completed in April 2026.

4. Scope of business

ServiceProvision status
Spot trading (order-book trading / Orderbook)Available
Easy buy/sell (sales outlet)Available
Accumulation (Coin Reserve)Available
Automated trading (Ranking Trade / Easy Trade)Available
Margin tradingAvailable
StakingAvailable
Corporate service (Zaif Prime Desk)Available
Zaif Payment (settlement)Available
Zaif Card (crypto-asset cashback card)Available
NFTNo official mention
  • Fiat-currency deposit channel: bank transfer, convenience-store deposit, Pay-easy, credit card (per the company’s maintenance information)

5. Market share / trading volume

  • The company has not disclosed account-count / trading-volume figures as of 2026年5月
  • In the company’s notice (2026年5月), it uses the expression “8社 domestic crypto-asset exchange operators that provide spot order-book trading,” recognizing 8社 as competitors in domestic spot order-book trading
  • According to parent JN Group IR, Zaif is expected to record a loss in FY2026-11 as well, with full profitability not expected until FY2027-11 onward (published on crex-data.com 2026-04-23). The trading-volume scale is considered below the domestic median, with bitFlyer and Coincheck at the top.
  • Customer base: mainly domestic retail investors

6. History / major events

Predecessor entity: TechBureau Corp. (corporate number 1120001184556)

PeriodEvent
Around 2014年TechBureau Corp. (Nishi-ku, Osaka-shi, Osaka) established. The representative was Takao Asayama. Operated the Zaif exchange
2015-16Zaif had a presence as a major domestic exchange in altcoin trading such as MONA and XEM
2017-09-29Crypto-asset exchange business registration (Director-General of the Kinki Local Finance Bureau 第00001号)
2018-09-14Crypto-assets worth approximately 6.7bn yen flowed out of the hot wallet (BTC, BCH, MONA, etc.; approximately 4.5bn yen were customer assets). As a major domestic VASP incident, see [[exchanges/jp-vasp-incident-history
2018-09-25The FSA issued a business-improvement order to TechBureau Corp. (the order was issued by the Kinki Local Finance Bureau; published on the FSA website)
Around 2018-11Transferred the Zaif exchange business to Fisco Cryptocurrency Exchange (now Zaif Inc.). TechBureau continued to exist thereafter as a separate entity (absorbed and merged subsidiary 2社 at 2021年9月, continuing under the same number to this day)

The current Zaif Inc. entity: Fisco Coin, Inc. → present (corporate number 1120101054642)

PeriodEvent
2016-04-12Fisco Coin, Inc. established (Fisco lineage)
2016-07-01No trade-name change (per the NTA change history)
Around 2018-11Acquired the Zaif exchange business from TechBureau. Continued operating as “Fisco Cryptocurrency Exchange”
2020-11-02Trade-name change: Fisco Cryptocurrency Exchange, Inc.
2021-11-02Trade-name change: Zaif Inc. (株式会社Ｚａｉｆ)
2023-11-15Trade-name change: CAICA Exchange, Inc. (the era under CAICA / the CAICA group)
Around 2023年 ~Trade-name change: reverted to Zaif Inc. (株式会社Ｚａｉｆ) (the latest NTA information now shows “Zaif”)
2025-02-03Moved from Kushim, Inc. to an affiliated subsidiary of Nexus Group, Inc. (parent-company change. Published in the company’s press 2025-02-10)
2025-07-15Nexus Group (now JN Group) fully acquired Zaif shares through ZED Holdings (published by the Nihon M&A Center)
Around 2026年Nexus Group changed its trade name to JN Group (TSE Standard 6634)

Note: TechBureau and the current Zaif Inc. are different entities (their corporate numbers differ). The Zaif brand / business was inherited via a business transfer, but there is no continuity of corporate personality. The registration number (Kinki Local Finance Bureau 第00001号) was succeeded on the occasion of the business transfer.

7. Strategic developments

  • Major developments in 2025-2026 年:

    • From 2025年2月 through 7, the parent moved from Kushim → Nexus Group (later JN Group), and full conversion into a subsidiary was completed
    • As of 2025年11月, the JN Group as a whole had a group-consolidated 99名 (a small-scale holding-company structure)
    • A collaboration campaign with SNPIT (a Snap-to-Earn game) (2026年 4–5), and listing of a GameFi listing (SNPT)
    • In a rebate campaign on ETH spot order-book trading fees (2026年5月), it touted “the largest rebate among domestic 8社”
    • Deployed the Zaif Card, a card with crypto-asset cashback. Added ETH / XYM rebate support in May 2026.
    • FY2026年11月 is expected to remain in loss. According to JN Group IR, full profitability is not expected until FY2027年11月 onward
    • Fisco, Inc. announced the termination of value-up measures / cancellation of the burn for FSCC (Fisco Coin) (2026年5月15日)

  • No public information regarding a listing (IPO) has been confirmed

  • Representative Director and President: Naoki Ishihara (concurrently serves as Representative Director and President of both Zaif Inc. and JN Group)
  • Directors: Yosuke Saito, Tomonori Ouchi, Koji Yasuhara (Zaif Inc.); Saito also concurrently serves as a director of JN Group
  • Auditor: Hiroshi Sasaki (Zaif Inc.); also concurrently serves as an outside auditor of JN Group
  • Chairman of the Board of JN Group: Tsukasa Akiyama
  • Founder circumstances: the founder of the current entity (formerly Fisco Coin) is a Fisco-related person. Takao Asayama, the founder of the former Zaif exchange, was the representative of TechBureau (a separate entity), and there is no direct personnel continuity with the current Zaif Inc.

Sources