OKEx South Korea Exchange is Going to Delist Its Five Privacy Coins

OKEx is going to delist its all five privacy coins which are monero (XMR), dash (DASH), zcash (ZEC), horizen (ZEN) and super bitcoin (SBTC).

On early this Monday, the cryptocurrency exchange has made this announcement in which it claims that it has decided to delist all its privacy coins.

The crypto exchange OKEx Korea also says that its users will have the time till 10th Dec 2019 to take away their coins from the exchange as the crypto exchange will not further support these coins from the date of the 10th Oct 2019.

South Korea based OKEx exchange is delisting these coins because these coins violate the “FATF’s Travel Rule”. The exchange is also facing an overload pressure of regulators to give users access to the privacy coins.

A spokesperson from the OKEx exchange says:

[Anonymity tokens] violate the laws of regulatory agencies and major institutions. The Financial Action Task Force (FATF) has recommended abiding by the Travel Rule, and we are taking steps to follow it.

Financial Action Task Force (FATF) issued the regulatory rules and guidelines for the cryptocurrency in which it developed the Travel Rule. According to the travel rule, during the transactions, the crypto exchanges should retrieve the information like the recipient of the asset and also the name and address of the sender.

As the exchange states:

It is recommended that exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual asset.

The exchange says that these private coins do not allow to hand over their information and thus they do not obey the travel rule of FATF.

So this South Korean Exchange is going to delist these five coins including XMR, DASH, ZEC, ZEN, and SBTC keep in view the travel rule.

Apart from these coins, the crypto exchange had also stopped supporting the coins AirSwap (AST) and Digibyte (DGB) in the first quarter of 2019.

Adeline Gibbs

Adeline Gibbs is a writer and a vital contributor to Tokenhell. She always stay up-to-date with latest happenings in crypto world.

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