OKEx Korea will remove Monero, Dash and other cryptocurrencies
THEExchange OKEx Korea has decided to eliminate five cryptocurrencies: Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC).
According to the Exchange they violate the new rules defined by the FATF.
La Financial Action Task Force (FATF) is an intergovernmental body established in 1989 with the aim of establishing standards and promoting the effective implementation of legal, regulatory and operational measures to combat money laundering, terrorist financing and other threats related to the integrity of the international financial system.
It is an international regulatory body that generates the necessary legislative and regulatory reforms and monitors the progress of its members in implementing the necessary measures.
In June, the FATF-FATF has published definitive guidelines that set standards for combating money laundering and terrorism.
The institution requires that companies operating in the cryptocurrency sector identify both the senders and the recipients of the transactions and, if necessary, provide information to the authorities concerned.
This information includes the sender's name, account number and location information, as well as the payee's name and account.
According to the new standards, exchanges must share customer information with each other, so that they can confirm the identity of a user who is sending cryptocurrencies to another platform.
Dash, Monero and other asst digital violate the set standards
The OKEx Korea Exchange believes that Dash, Monero and other digital assets (Zcash (ZEC) horizen (ZEN) and Super Bitcoin (SBTC) with a high level of privacy come into conflict with the new legislation.
These are cryptocurrencies that prevent us from ascertaining the identities of both senders and recipients of transactions: it is difficult to predict what the future of these blockchains will be.
A spokesman for OKEx Korea said:
“[The tokens mentioned above] violate the laws of regulatory agencies and major institutions. The Financial Action Task Force recommended to comply with the new measures and standards adopted ".
Monero, Dash, Zcash, Horizen and Super Bitcoin are defined as "dark coins" and will be canceled on October 10th.
The deadline for the final withdrawals of thedark coins”Is set for December 10th. Other cryptocurrency exchanges could follow the decision made by the OKEx Korea platform.
Already previously, Coinbase has eliminated the cryptocurrency ZCash from its platform for all UK customers. As of August 26, users can no longer hold any ZCash assets.
This decision was made following pressure from the British tax authority, HM Revenue & Customs, which asked all exchanges to disclose customer names and transaction history to combat tax evasion.