Upbit Exchange Delists Privacy Coins over Money Laundry Concerns
South Korean cryptocurrency exchange Upbit has become the latest exchange firm to delist a slew of privacy focused coins following a regulatory requirement by the international body the Financial Action Task Force (FATF).
Moreover, the exchange company has announced it will halt the trading support for six cryptocurrencies. According to a notice from the firm, transaction support for monero (XMR), dash (DASH), zcash (ZEC), haven (XHV), bittube (TUBE), and PIVX (PIVX) will end Monday, Sept. 30.
Furthermore, Upbit had announced its investigation on the six digital coins at the beginning of September. The exchange platform was determining whether they met the requirements provided by FATF guidance issued last June.
In particular, Upbit clarified the reason for delisting these six is to curb the possibility of money laundering. In addition, also control the influx from external networks.
Coin Delisting Trend Continues
Generally, Upbit is following on the footsteps of other exchange platforms on delisting privacy coins. Coinbase and Zcash in the UK have delisted the privacy coins this summer.
Additionally, South Korean arm of cryptocurrency exchange, OKEx Korea, ceased support for five major altcoins. OKEx Korea confirmed it will no longer support trading for Monero, Dash, Zcash, Horizen (ZEN) and Super Bitcoin (SBTC) on Oct. 10. The coins are focus on privacy. Hence, they fall foul on the set of new guidelines set by FATF.
Particularly, FATF is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to curb money laundering. Regardless, it is not mandatory for nations to comply with their guidelines. However failure to comply may end you up in a financial blacklist.
In conclusion, the delisting has not derailed the development of privacy coin technology. Recently, zcash’s Electric Coin Company released Halo. This is a new zk-SNARK which can verify an entire blockchain in single proof.
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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