Sudden! OKEx Korea will remove 5 kinds of anonymous coins, or related to the new FATF regulations.

On September 16th, the Korean station of the cryptocurrency exchange OKEx announced today that it will release all anonymous coins on October 10, including Monroe (XMR), Dash (Dash) and Big Zero ( ZEC), horizen (ZEN) and SBTC.

P3

According to the announcement, the withdrawal service involving the anonymized currency will be stopped on December 10, the exchange said that the decision was made because these currencies “violated” the Financial Action Task Force (FATF) “travel” Rule".

In June of this year, the global money laundering regulator FATF issued the final cryptocurrency regulatory guidelines, retaining the “travel rule”, which requires the collection and transmission of customer information during the transaction. This information includes the name, account and address information of the originator of the transaction, as well as the recipient's name and account information.

OKEx Korea said that privacy-oriented anonymous coins do not allow regulators to collect such information, so the exchange ended its support for the five anonymous currencies.

In addition, in July this year, a number of banks in South Korea imposed strict supervision on the accounts of cryptocurrency users, with the goal of completely abolishing anonymous cryptocurrency transactions in Korea.

In this regard, billionaire Richard Heart commented:

45

“The exchange needs a bank account to survive, and the bank does not like to be anonymous…”

It is unclear whether there will be other Korean exchanges following up with the anonymous currency.

Update: A spokesman for the OKEx platform said that the anonymous currency is only for Korean stations.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Weekly data on the BTC chain: data on the chain began to fall, and the exchange traded frequently

In the past week (10.28-11.03), from the main chain data, the total amount of transactions has increased compared wit...

Blockchain

A picture to understand the difference between Bakkt's bitcoin futures and "traditional" futures

According to the delivery method, futures contracts are usually divided into cash delivery and physical delivery. At ...

News

Investment tips for the next bull market: In-depth analysis of the development status and trends of 15 cryptocurrency tracks

Following the regular industry cycle pattern, the bear market has passed halfway. The Ethereum upgrade has brought ab...

Opinion

a16z evaluates the regulation of Web3 in the United States The regulatory situation is much more optimistic

This article analyzes and rates cases involving Coinbase, Uniswap, ZeroEx, OPYN, and Deridex, and finds that the regu...

Blockchain

Getting Started | What is an aggregate transaction? What are the operating principles and advantages?

Recently, the concept of aggregate transactions has been repeatedly mentioned, how is aggregated trading realized? Wh...

Blockchain

The consensus of using "money" to forge coins - a high-tech that condenses developers' miners' exchanges and users

In 1776, the American Revolutionary War broke out. Why is this war going to fight? The American side said that "...