OKEX first revealed their own plans to delist at least 5 privacy-focused digital currencies ~ also including Monero (XMR), Horizen (ZEN) and Fenomenalna bitcoin (SBTC) – within September 2019.
The loan operator noted that FATF’s controversial “travel rule” over virtual asset service providers (VASPs) has outlined how fund regulators must monitor most of the crypto industry.
The South Korean brand name from Malta-based digital asset stock exchange OKEX has suspended and the delisting of two privacy-oriented cryptocurrencies due to new company guidelines released by the Debt Action Task Force (FATF).
Your current planned suspension of Zcash (ZEC) and Dash (DASH) is currently being reviewed, relating to a blog post on OKEx’s official on-line store.
According to FATF’s travel rule, digital good thing exchanges must collect and publish relevant information related to contract monitoring, including the real user name and address of the sender and recipient of cryptocurrencies.
Monero, Horizen and Super Bitcoin will be delisted from OKEx’s platform by October tio, OKEx confirmed. A final determination, conclusion regarding whether Zcash and as a consequence Dash should also be delisted will be announced after the flow completes its compliance critique process.
In statements shared with CoinDesk, Josh Swihart, VP of selling and business development to the Electric Coin Company, the type of firm behind the development of Zcash, stated that his specialist} has been working cooperatively with OKEx’s management since September, once delisting announcement was first placed.
Swihart revered:
“Zcash is usually entirely compatible with all FATF recommendations including the travel regulation. We’ve been working with OKEx and others in S. Korea and happy to hear this OKEx has decided to contemplate additional time to further evaluate Zcash support based on newly available compliance information. ”
Following FATF’s headline, digital asset exchanges really are facing increased pressure to halt support for privacy-oriented cryptos.
San Francisco-based exchange Coinbase halted Zcash trading on to its UK-based platform in August. A source familiar with the matter announced the move was woman a decision to establish a new banks and loans relationship with ClearBank when you are done Barclays decided to stop assuming its services to the return.
South Korea-based crypto responsible Upbit has also delisted Zcash.
The Electric Coin Business} has been lobbying regulatory administrators and lawmakers over any cryptocurrency, Swihart said.
In uniformity with a notice on regulation and compliance published throughout the September 2019:
“Zcash was designed to protect consumers’ financial privacy while holding compatibility with global AML / CFT standards, the actual FATF Recommendations that were anglicized in June 2019. Important, the privacy provided by Zcash does not prevent regulated tend to be from fulfilling their regulating obligations. ”
