The OKEx Korea exchange has announced it will exclude all private cryptocurrencies, including Monero, Zcash and Dash.
The South Korean exchange division will list five high-level confidential cryptocurrencies – Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC). The trading platform will cease trading with these currencies on October 10th. In the meantime, customers will be able to withdraw their assets.
According to company representatives, the decision is caused by the fact that these cryptocurrencies violate international standards regarding the collection of user identification data prescribed by the FATF working group on the development of financial measures to combat money laundering. In accordance with the Operating Regulations, OKEx Korea reserves the right to list cryptocurrencies
“If a particular cryptocurrency violates the laws or regulations / policies of government agencies and major agencies.”
Consequence of FATF recommendations
In June, FATF published the guide for virtual asset service operators. According to these guidelines, services that work with virtual assets must comply with the so-called “travel rule”. This requires the collection and transmission of customer information when dealing in cryptocurrencies. The exchanges must be able to collect relevant information about the name of the sender and the recipient, their account number and residence status.
OKEx Korea stressed that private cryptocurrencies do not allow the collection of this information, which has led to their delisting.
It is not yet clear whether the decision will affect only the division in South Korea or whether it will be applied to other platforms owned by OKEx.
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