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South Korea's Upbit is the latest cryptocurrency exchange to delist privacy coins

Mon, 23 Sep 2019, 06:55 am UTC

South Korean cryptocurrency exchange Upbit announced it will delist and stop trading support for six cryptocurrencies, including some privacy coins, following the recent regulatory requirements posted by the Financial Action Task Force (FATF).

In a notice posted last Friday, transaction support for Monero (XMR), DASH, ZCash (ZEC), Haven (XHV), BitTube (TUBE), and PIVX will end by Sept. 30.

Upbit will no longer support deposits for these cryptocurrencies. It will also cancel requested orders before the end of the transaction support in Korean won, Bitcoin, Ether, and USDT markets.

The firm revealed its probe of the six coins at the start of this month, saying it was trying to determine if the affected coins met the FATF requirements. Generally speaking, privacy coins are used to facilitate transactions on public ledgers without exposing an individual’s information.

As per the blog, Upbit said the delisting move was done to avoid the possibility of money laundering and the inflow from external networks.

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,” the blog stated.

Upbit will continue to consider crypto-asset that represent anonymity functions as candidates for designation of investment warning crypto-asset,” it added.

The move follows after the Korea branch of crypto exchange OKEx also delisted all five privacy coins after they reportedly fall foul to the “travel rule” set by the 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.

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