OKEx Korea delists privacy coins amid regulatory pressure

OKEx has made the decision to delist five privacy coins from the Korean branch of its exchange amid money laundering concerns

OKEx’s Korean branch has decided to delist five privacy coins due to mounting regulatory pressure.

Dash, Monero, Zcash, Super Bitcoin, and Horizen all face the chop from the popular cryptocurrency exchange, according to a blog post.

The decision was made in compliance with the global money laundering watchdog, the Financial Action Task Force (FATF).

The blog post reads: “OKEx Korea has restricted its implementation as the ‘travel rule’ recommends that exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual asset.”

In February, the Bank of Korea (BOK) stated that it would be an “economic risk” to launch a centralised digital currency, claiming that it would have negative ramifications on the economy.

OKEx’s delisting of privacy coins comes after increasing regulatory scrutiny on digital assets in 2019, which has caused Binance to restrict American citizens from trading on Binance.com.

There has also been talk in the UK suggesting that the FCA may ban derivatives products from companies such as BitMEX, which seems in line with America’s harsh stance on the emerging market.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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