Korean exchange Upbit will delist six private cryptocurrencies
South Korean exchange Upbit is among trading platforms to announce its intention to delist private-transaction-oriented cryptocurrencies amid the Financial Action Task Force (FATF) regulations approved in June.
On September 30, Upbit users will no longer be able to trade Monero, Dash, Zcash, Haven, Bittube, and PIVX. The company announced an assessment of six cryptocurrencies in early September. As Upbit explained on her blog, the main reason for the delisting was money laundering risks..
“Among the projects subject to the suspension of transactions are cryptocurrency assets that can selectively use the functions of anonymity. For such assets, Upbit only supports transparent deposit / withdrawal of funds, the publication says. “Nevertheless, it was decided to stop trading these crypto-assets in order to avoid the possibility of money laundering and their inflow from external networks”.
Earlier, the Korean division of the OKEx exchange refused to support cryptocurrencies with the ability to carry out private transactions, and Coinbase limited the access of British customers to Zcash. According to the Messari portal, since July 1, the price of Zcash has decreased by more than 50%, while Monero has lost about 20%..
More than 200 countries are expected to implement FATF-proposed measures to regulate cryptocurrency exchange and storage services by June 2020.
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