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OKEx South Korea Drops Five Privacy Coins

OKEx South Korea has taken a surprising move by ending support for five privacy coins from its platform. They are Monero (XMR), ZCash (ZEC), Dash (DASH), Horizen (ZEN), and Super Bitcoin (SBTC).

According to OKEx, these coins violate local and international regulations and policies related to preventing money laundering and terrorism financing. The company also made a reference of the recent “travel rules” by FATF (Financial Action Task Force on Money Laundering). According to the travel rules, crypto exchanges should collect and store the information about the sender and the receiver of the funds. Also, there should be an immediate disclosure of information at the request of the relevant authorities. The above mentioned 5 cryptocurrencies did not allow the collection of transaction information. Thus, this would give authorities more of a handle on criminals using digital assets for illicit activity. This decision of OkEX to remove the assets is a direct response to increasing regulatory threats from some powerful entities in the global stage.

OKEx South Korea has already delisted some 16 tokens this year. It has terminated support for tokens which also includes AirSwap (AST) and Digibyte (DGB). Recently, Fireblocks, a security solution for crypto transactions has integrated five new crypto-exchanges which also includes OKEx, the source says.

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