OKEx Korea Delists All Privacy Coins Including Monero (XMR) – Will Other Exchanges Follow Suit? 

Monero is in the news again, but this time, it’s not something that will make the XMR enthusiasts happy.

Crypto exchange OKEx, the unit from Korea, decided to delist all privacy coins including the following: Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC).

Theblockcrypto.com reported that the transaction support for these coins would end soon, more precisely on October 10 and the withdrawal services will end on December 10th.

Reason for the delisting decision

The official announcement came today from OKEx Korea. According to the exchange, this decision has been made because these coins are violating the Financial Action Task Force (FATF’s) “travel rule.”

The online publication mentioned above noted that back 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.”

It’s been also reported that the information includes “originator’s name, his account number and location information, as well as beneficiary’s name and his account number.”

More crypto exchanges could also delist privacy coins

OKEx Korea also revealed that privacy-oriented coins are not allowing for the collecting of such data and that’s why the support ends.

The online publication mentioned the fact that other platforms could follow OKEx’s example and do the very same thing.

Monero in the news

Not too long ago, Monero made headlines in relation to Zcoin.

The online publication Altcoinbuzz noted that Zcoin had some pretty exciting things that they addressed during the Invest: Asia 2019 event.

They also made sure to mention the fact that Monero’s interest in Zcoin’s tech to scale privacy was the most important part of this talk.

Zcoin’s technology has been developing at a rapid pace and it is fueling the privacy and performance development of the entire ecosystem.

In terms of price, XMR is trading in the green at the moment of writing this article and the coin is priced above $75.


Companies Mentioned

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CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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