Monero (XMR) Bad News: UpBit Crypto Exchange Delists Privacy Coins
UpBit, a South Korea-based crypto exchange, announced that it delists privacy coins. That’s bad news for Monero (XMR), too, as the most popular privacy coin in the crypto market will also be affected by UpBit’s decision.
In a statement posted by UpBit yesterday, September 20th, the crypto exchange announced that it would halt support for Monero (XMR), ZCash (ZEC), DASH, BitTube (TUBE), Haven (XHV), and PIVX by the end of the month.
“We are announcing the end of market trading support for XMR, DASH, ZEC, XHV, TUBE, PIVX. These Crypto-Assets will cease trading support at 2019.09.30 11:00 within ten days of publication on this bulletin, in accordance with the Upbit Crypto-Asset end of support policy. We do not support the deposit of these crypto-assets at this time, so please do not deposit,” the UpBit’s notice reads.
UpBit crypto exchange decided to halt support for privacy coins due to the new regulations regarding this type of cryptocurrencies.
UpBit Delists Privacy Coins, Including Monero (XMR), But More Crypto Exchange Platforms Would Follow
UpBit, however, is not the first crypto exchange that decided to delist privacy coins. The first was OKEx, also from South Korean. OKEx also ditched Monero (XMR), besides the other privacy coins available on the platform.
OKEx will cut support for Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), and Super Bitcoin (SBTC) in October.
According to new regulations regarding cryptocurrency-based transactions, the businesses have to identify the people involved in crypto payments for transactions equal or over $1,000. By 2020, more than 200 countries around the world must adopt the new rules. Accordingly, in a measure to keep their business up and running, crypto exchange platforms will have to delist privacy coins.
In the end, we have some good news on Monero (XMR). The most popular privacy coin in the world could survive the new regulations. For more information on this, read our article here.