A guideline issued by the Financial Action Task Force (FATF) is prompting OKEx to delist popular privacy-centering cryptocurrencies.<\/p>\n
The Korean\u00a0wing of the cryptocurrency firm announced on Monday that it is going to stop trading of Monero, Zcash, Dash, Horizen, and Super Bitcoin on its exchange. All the five assets, in one way or another, allows users to hide their financial transactions by introducing additional layers of security.<\/p>\n
OKEx said<\/a> in a note that the five cryptocurrencies could “violate laws or regulations\/policies of government agencies and major agencies.” The exchange was citing FATF, an intergovernmental organization that combats money laundering on a global scale. The task force in October 2018 enforced a so-called ‘travel rule,’ which requires cryptocurrency exchanges to obtain relevant users’ information, including the virtual wallet addresses of senders and receivers involved in a cryptocurrency transaction.<\/p>\n Privacy coins such as Monero<\/a> and Zcash assists users in hiding those details. That makes it difficult for cryptocurrency firms to monitor and report those transactions to FATF. OKEx said it would delist Monero, Zcash, Dash, Horizen, and Super Bitcoin, merely to keep itself in line of the global watchdog’s directives.<\/p>\n Zcash and blockchain privacy is like selling seatbelts in 1910. Yes they're needed, but no one knows yet.@EranTromer<\/a><\/p>\n — Ian Miers (@secparam) September 12, 2019<\/a><\/p><\/blockquote>\n\n