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OKEx South Korea drops support for five privacy coins owing to FATF rules

  • The support for coins is being removed as they “violate regulatory laws.”
  • The rules require exchanges to collect customer information during transactions.

The South Korean branch of OKEx has recently announced that it is delisting five privacy coins. As of October 10, the exchange will drop support for monero (XMR), dash (DASH), zcash (ZEC), horizen (ZEN) and super bitcoin (SBTC). OKEx South Korea stated that the privacy coins “violate regulatory laws.” The users of the exchange can withdraw the aforementioned coins until the 10th of December. Bridge Kyungjae, a spokesperson for OKEx Korea, said:

“[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.”

The FATF, a global money-laundering watchdog, issued its final crypto guidelines in June. In the guidelines, it retained the “travel rule.” The rule calls for exchanges to collect and transfer customer information during transactions. However, OKEx Korea reported that the privacy-oriented coins don’t allow exchanges to collect this information in a statement. The statement said:

“According to the statement corresponding to FATF R.16, OKEx Korea has restricted its implementation as the ‘ travel rule’ recommends that exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual asset. privacy-oriented cryptocurrency, aka that ‘ the dark Coin “has decided to take the deal end-of-support measures of the corresponding event.”

OKEx Korea has already delisted some 16 tokens this year. Precisely, the cryptocurrency exchange ceased support for AirSwap (AST) and Digibyte (DGB) towards the beginning of this year.

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