We are all aware that the cryptocurrency regulation is progressive and that it is a matter of time before the exchanges move against those platforms that are strictly pro privacy. It is not surprising that OKEx announced that it is de-listing Monero and four other coins from its platform.
According to the blog post originally seen in Korean, the exchange stated on September 10 that it would no longer support zcash (ZEC), dash (DASH), monero (XMR), horizen (ZEN) and Super Bitcoin (SBTC). All these privacy coins contravene the Financial Action Task Force (FATF’s) rule.
The international agency that combats money laundering and has added its weight to the regulation of the cryptocurrency industry with the aim of plugging possible loopholes through which entities could launder funds while taking advantage of the financial instrument.
The new requirements of the agency demands that the identity of a sender and receiver of the cryptocurrency be known, and with the implementation expected by 2020, it is not surprising the South Korean exchange is complying with the rule.
The exchange said that it moved against the digital currencies because their configurations do not allow access to such information. Interestingly, the implementation of the de-listing applies to OKEx Korea and not its international platform.
It is possible that the Korean government is insisting on the implementation of the Financial Action Task Force rule.