OKEx Korea delisting five confidential cryptocurrencies

OKEx Korea delisting five confidential cryptocurrencies

Cryptocurrency exchange OKEx Korea will stop trading confidential cryptocurrencies XMR, DASH, ZEC, ZEN and SBTC, as they do not comply with the recommendations issued by the FATF.

Transaction support for five cryptocurrencies will end on October 10, and withdrawal services will be available until December 10. The exchange said that such a decision was made because these cryptocurrencies do not comply with the recommendations of the International Group for the Development of Financial Measures to Combat Money Laundering (FATF).

In June, the FATF released its final cryptocurrency industry regulatory guidelines. One of the rules requires exchanges to collect and transfer to each other information about customers during transactions, including the name of the sender, his account number, location information, as well as the name of the recipient and his account number.

OKEx Korea stated that confidential cryptocurrencies do not allow collecting such information, so the exchange will delist these coins. It is not yet clear whether the initiative will affect only the Korean division of the exchange or all the affiliates of the platform.

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The delisting of confidential cryptocurrencies, apparently, will occur more and more often on regulated exchanges. Already last summer in Japan, a ban on anonymous cryptocurrencies came into force, which forced local exchanges to delist XMR, DASH, REP, and ZEC.


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