OKEx Korea delisting all privacy coins, including Monero, Zcash and Dash, as these ‘violate’ FATF’s ‘travel rule’
The transaction support for the five coins will end on Oct. 10, while withdrawal services will stop on Dec. 10, OKEx Korea announced Monday. The exchange said the decision has been taken as these coins “violate” the Financial Action Task Force (FATF’s) “travel rule.”
In June, the FATF, the global money-laundering watchdog, issued its final crypto guidelines, retaining “travel rule,” which requires exchanges to collect and transfer customer information during transactions. The information includes originator’s name, his account number and location information, as well as beneficiary’s name and his account number.
OKEx Korea said privacy-oriented coins do not allow collecting such information, hence the end of the support for the five coins.
An OKEx spokesperson told The Block that the decision has been taken only for Korea unit. This likely indicates that the Korean government has asked cryptocurrency exchanges to implement the FATF’s guidelines.
It is possible that other crypto exchanges with fiat on-ramps will follow suit.
This story has been updated to include a reply from an OKEx spokesperson.
OKEx Korea delisting all privacy coins, including Monero, Zcash and Dash, as these ‘violate’ FATF’s ‘travel rule’ written by Yogita Khatri @ https://www.theblockcrypto.com/post/39724/okex-korea-delisting-all-privacy-coins-including-monero-zcash-and-dash-as-these-violate-fatfs-travel-rule?utm_source=rss&utm_medium=rss&utm_campaign=default September 16, 2019 Yogita Khatri