Looks like privacy-focused cryptocurrencies are in trouble. A Korean wing of OKEx crypto exchange could delist five cryptocurrencies including Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC). It comes in a wake of increasing regulations around crypto market.
OKEx is one among the leading crypto exchanges but the regulatory heat across the crypto industry seems to pressurize the platform. The source reveals that the exchange is ditching the privacy-focused cryptocurrencies that violate the laws of regulatory agencies and institutions. It says that the delisting process could be effective from October this year – and now, the coins seem to be traded as usual on its platform.
These privacy-focused cryptocurrencies don’t align with the new regulatory requirements and regulatory firms tend to stay away from anything that could raise the regulator’s eyebrows. As FATF, the Financial Action Task Force announced the travel rule, transparent regulatory guidelines for crypto platforms, crypto trading platforms are responsible to share customer’s data if the transactions exceed $1000 – the data including customer’s name, his location information, account number and beneficiary’s name as well as his account number. As privacy-oriented coins do not serve this information, it is quite difficult to comply with FATF rules hence there’s a high probability that OKEx Korea will throw out Dash, Zcash, Horizen, and Super Bitcoin.
Specifically, the exchange will take off the support for these coins on Oct 10 but the withdrawal will continue until Dec 10. Nevertheless, the decision is only applicable for korean unit of the exchange and not globally. This means that the users from other countries can still enjoy trading and other services of privacy coins at OKEx but not Korean. This quietly indicates Korean Govt’s stance towards OKEx to implement the FATF’s guidelines.
In contrast to OKEx, Coinbase crypto exchange on Sept 11 states that it is launching Dash token on its Coinbase Pro platform on Sept.16 but there seems no announcement of listing yet.Photo Credit To https://beatingbetting.co.uk/ Via Flickr