- Upbit announced its investigation of the six coins at the beginning of September.
- Coinbase and OKEX Korea have also dropped support for certain privacy coins.
As per CoinDesk, the South Korean crypto exchange Upbit will become the latest exchange to delist privacy coins. The exchange will end transaction support for monero (XMR), dash (DASH), zcash (ZEC), haven (XHV), bittube (TUBE), and PIVX (PIVX) from Monday, Sept. 30. The exchange will delist the coins citing regulatory requirements from the international body the Financial Action Task Force (FATF).
Privacy coins generally conduct transactions on public ledgers without giving out customer information. Recently, Coinbase dropped support for ZCash. OKEX Korea also delisted five privacy coins earlier this month. Upbit stated in a blog post that the support for the privacy coins was terminated due to money laundering threats and the possibility of inflows of privacy coins. The blog stated:
“There are also crypto-assets that can selectively utilize anonymity features among projects that are subject to end of transaction support. For these crypto-assets, Upbit has only supported transparent withdrawal/deposit support.
Nevertheless, the decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks. Upbit will continue to consider crypto-asset that represent anonymity functions as candidates for designation of investment warning crypto-asset.”
Share
