Crypto Exchange OKEx Delists Five Privacy Coins due to FATF Rules
Sarah Tran Sep 16, 2019 10:00
Cryptocurrency exchange OKEx’s Korean arm will be delisting all five privacy altcoins including Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), and Super Bitcoin (SBTC).
Cryptocurrency exchange OKEx’s Korean arm will be delisting all five privacy altcoins including Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), and Super Bitcoin (SBTC).
Announced by OKEx Korea on Monday, due to new international regulations, the support for transactions for the five altcoins will be ending on October 10, while withdrawal services will continue until December 10.
The decision to delist the five altcoins has been made considering that the coins violate the “travel rule” of the Financial Action Task Force (FATF).
As the five altcoins focus on privacy, the coins do not fulfill the requirements under the “travel rule” of the crypto guidelines issued by the FATF, which requires exchanges to collect and transfer customer information during transactions.
The customer information includes location information, the beneficiary, and the originator’s name, and account numbers. The privacy coins do not allow the collection of this information; therefore, the support must end for the five altcoins.
Currently, it still remains unclear whether these restrictions will be applied globally for the exchange.
Image via ShutterstockImage source: Shutterstock
