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Crypto Exchange To Delist Privacy Coins

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Cryptocurrency exchange OKEx’s Korea unit is delisting all five privacy coins – monero (XMR), dash (DASH), zcash (ZEC), horizen (ZEN) and super bitcoin (SBTC) from Oct. 10.

The South Korean arm of the Malta-based OKEX exchange announced early this week that it is to delist five cryptocurrencies that provide extra privacy features for users.

In its notice, OKEX Korea said it will delist cryptocurrencies that “violate laws or regulations [and] policies of government agencies and major agencies.”

In June, the Financial Action Task Force (FATF), the global money-laundering watchdog, issued its final crypto guidelines, retaining “travel rule,” which requires exchanges to collect and transfer customer information during transactions. The information includes originator’s name, account number and location information, as well as beneficiary’s name and account number. As such, it had decided to delist the cryptocurrencies that did not allow that data to be obtained.

This summer, the FATF finalized its recommendations to its 37 member nations, including a requirement that “virtual asset service providers” (VASPs), including cryptocurrency exchanges, pass information about their customers to one another when transferring funds between firms.

The “travel rule” has been a requirement for international banks when sending each other money on customers’ behalf for some time, but has been described as onerous for blockchain firms and harmful to user privacy.

The global anti-money laundering body gave members 12 months to implement the new recommendations that, while not mandatory, could see nations not complying put on a finance blacklist.

OKEX Korea said that customers have until Dec. 10 to withdraw any of the five delisted coins from the platform.

It is highly probable that other crypto exchanges with fiat on-ramps may follow suit.

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