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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.

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