- The South Korean exchange says that privacy coins do not comply with FATF requrements.
- This is the second Korean exchange that announced delisting of privacy coins in September.
The South Korean branch of a global cryptocurrency exchange OKEx decided to end support for privacy-focused coins like Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC).
According to the announcement made on the Korean website of the exchange, these coins violate local and international regulations and policies related to preventing money laundering and terrorism financing. The company also referred to the “travel rules” recently published by FATF (Financial Action Task Force on Money Laundering).
According to FATF’s travel rules, cryptocurrency exchanges should collect and store the information about the sender and the receiver of the funds. Moreover, these info should be disclosed immediately upon the request of the relevant authorities.
However, such information cannot be collected when a transaction involves privacy-focused, OKEx Korea explained.
Notably, anther South Korean cryptocurrency exchange Upbit announced the delisting of privacy coins on September 9. Probably, other exchanges that deal with fiat-crypto pairs will follow the suit