Zaif is a digital currency exchange platform located in Japan. It allows users to buy and sell digital assets such as Bitcoin. Zaif, a Japanese cryptocurrency exchange, was established early and was once the largest exchange in Japan with the most listed coins.

How Zaif came to be: Tech Bureau Corporation, the parent company of Zaif, received $835,000 in funding from Japan Technology Venture, a Japanese venture capital firm, and purchased Etwings, a local digital currency international site. After purchasing and modernizing Etwings, Tech Bureau Corporation launched and renamed it "Zaif International Site."

According to the Zaif corporate blog, in April 2016, the platforms daily trading volume exceeded 45,000 BTC ($19 million USD). At its peak, Zaif accounted for 64% of all yen trades.

Zaif Exchange Features

1. Large number of listed coins.

2. Offers cryptocurrency storage services.

3. Has a platform currency, ZAIF.

Zaif Exchange Disadvantages

1. Low security defense, has experienced large-scale coin theft incidents.

In September 2018, Zaifs "hot wallet" was hacked, resulting in the theft of a substantial amount of BTC, BCH, and MONA, belonging to both the company and users, amounting to a total loss of 6.7 billion yen (approximately 400 million yuan). Subsequently, the Japanese Financial Services Agency issued a business rectification order.

At the time of the hacking incident, Tech Bureau, the company owning Zaif, received financial support from Fisco, another Japanese cryptocurrency exchange. Fisco also acquired a majority stake in Tech Bureau, leading to a potential dissolution of Tech Bureau.

Currently, Zaif is operated by Fisco, which is responsible for compensating customer losses. New user registration and coin deposit services are suspended, and a mobile application is not available. Furthermore, Zaif is processing refunds and coin withdrawals for users seeking termination of service agreements due to the exchange business transfer.