South Korean exchange, UpBit, has announced that it will stop supporting six privacy coins from 30 September this year. The exchange did this to block potential money laundering on the platform.
The exchange has delisted Monero [XMR], DASH, ZCash [ZEC], XHV, TUBE, and PIVX from its platform. Earlier this September, the firm investigated if the privacy coins are meeting the requirements of FATF guidance. Also, UpBit is immediately halting deposits in these cryptocurrencies. It will cancel orders requested before the end of transaction support in KRW, BTC, ETH, and USDT.
However, the exchange will continue to consider cryptocurrencies that represent anonymity functions. This is because it will support candidates for significant investments and transactions and cryptos that selectively use anonymity feature for transparent deposits/withdrawals. The reason for delisting these six privacy coins is to stop inflow from external networks. UpBit will stop giving support for the above crypto-assets in 10 days. However, users can withdraw for up to 30 days after the end of transaction support.
This news follows OKEx Korea’s announcement of delisting 5 privacy-centric coins. The firm cited the ‘travel rule’ recommendation made to national regulators by the Financial Action Task Force (FATF). UpBit had announced the same before OKEx. However, the South Korean exchange announced the date for the same today, confirming the development as per the source.