Copy link
Increase text size
Decrease text size
Link copied

Crypto exchange OKEx Korea to remove all privacy coins, including monero, dash, zcash, over FATF's 'travel rule'

Image Credit: OKEx Twitter

Tue, 17 Sep 2019, 03:48 am UTC

Cryptocurrency exchange OKEx’s Korea branch is delisting all five privacy coins, including monero (XMR), dash (DASH), zcash (ZEC), Horizen (ZEN), and super bitcoin (SBTC).

As per an announcement, the decision has been made because the coins reportedly fall foul to the “travel rule” set out by the Financial Action Task Force (FATF).

In June, the FATF issued its guidance that states that cryptocurrency-related businesses are required to collect, hold, and transfer information about the identity of the originator and beneficiary involved in any transaction.

OKEx Korea said that according to the FATF’s rule, “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 affected altcoins do not allow gathering information, thus ending their support.

According to The Block, OKEx will only remove the tokens from its Korean unit and not globally, signifying that “the Korean government has asked cryptocurrency exchanges to implement the FATF’s guideline.”

The transaction support will end on Oct. 10, and withdrawal services will be terminated on Dec. 10.

Recently, Netki, a KYC-AML compliance tool provider for crypto and blockchain firms, updated its TransactID solution to ensure it complies with the FATF “Travel Rule.”

Crypto intelligence firm CipherTrace also introduced a new solution, called the Travel Rule Information Sharing Architecture (TRISA), to assist cryptocurrency exchanges to comply with the new FATF policy.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

  • Bitcoin (btc) $22,880.00 (-2.18%)
  • Ethereum (eth) $1,633.27 (-2.18%)
  • BNB (bnb) $326.29 (-2.23%)
  • USD Coin (usdc) $1.00 (+0.09%)
  • XRP (xrp) $0.399510 (-2.94%)
  • Bitcoin (btc) $22,880.00 (-2.18%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.