Upbit Exchange Delists Privacy Coins Due to Money Laundering Concerns
Cointelegraph By Joeri Cant's original article for cointelegraph.com reduced by 52%
South Korean cryptocurrency exchange Upbit announced that it will cease trading support for six cryptocurrencies, including some so-called privacy coins. In a Sept. 20 notice, UpBit announced that the exchange will delist and cease trading support for Monero, DASH, ZCash, Haven, BitTube and PIVX by Sept.
30. The exchange added that it will no longer support deposits in these cryptocurrencies and will cancel orders requested before the end of the transaction support in Korean won, Bitcoin, Ether and USDT markets. Upbit clarified that the reason for delisting these six privacy coins is to block the possibility of money laundering and the inflow from external networks.
This news comes just days after the South Korean arm of cryptocurrency exchange OKEx, OKEx Korea, removed support for five major altcoins due to new international regulations. The reason being that as since they are focused on privacy, the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force, or FATF. The FATF is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.
More exchanges could followAs Cointelegraph previously reported, the sweeping changes to crypto transaction rules demand businesses to identify the two parties sending funds to each other if a transaction is worth more than around $1,000.
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