Monroe, zcash, Dash, etc. have been taken off the South Korean big exchange Upbit, the privacy of the currency really reached the end of the road?

Another large cryptocurrency exchange has delisted a large number of private currencies, and the reason is also based on the recent regulatory requirements of the International Financial Action Task Force (FATF).


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Trading support for Monroe (XMR), Dash, zcash (ZEC), Haven (XHV), bittube (TUBE) and PIVX (PIVX) will be available on September 30, according to the announcement of the Korean exchange Upbit. (Monday) is over.

Upbit announced the investigation of the six currencies in early September. The exchange was in the process of determining whether these privacy coins met the requirements set out in the guidelines issued by the FATF last June.

In general, a private currency does not reveal an individual's address or identity when transacting on a public ledger. Other exchanges have also begun to delist such coins. For example, this summer, Coinbase UK announced the removal of zcash, and earlier this month, OKEx Korea announced the release of a variety of privacy coins.

And this time it was Upbit, the company's blog wrote that the possibility of money laundering and privacy money flowing into the exchange was the main reason why these coins were removed.

“Some encrypted assets can selectively exploit the anonymity of the project, which is why we terminate their trading services. For these encrypted assets, Upbit only supports transparent withdrawal/deposit support. However, termination of transactions on such encrypted assets The decision to support is also to prevent the possibility of money laundering and capital inflows from external networks. Upbit will continue to consider the option of encrypting assets with anonymous features as a designated investment warning encryption asset."

The privacy currency has recently been frequently removed from major exchanges, and this reason has also been accused of causing a plunge in the price of private currency. According to Messari, zcash prices have fallen by more than 50% since joining the ranks on the 1st of July, falling by nearly 20% over the same period.

However, the decline in exchanges and price declines may not necessarily slow down the development of privacy currency technology. Last month, zcash development company Electric Coin released Halo, a new zk-SNARK technology that validates the entire blockchain at a time.