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Monero, Dash and More Privacy Coins Delisted By OKEx Korea As ‘Violating FATF Travel Rule’

Coinspeaker Monero, Dash and More Privacy Coins Delisted By OKEx Korea As ‘Violating FATF Travel Rule’OKEx Korea exchange has decided to delist five privacy coins: Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC). According to the exchange, they violate the Financial Action Task Force (FATF’s) ‘travel rule’.The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 with the aim to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats 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 necessary measures.In June of this year, FATF issued their final guideline concerning cryptocurrencies. The guideline provides standards combating money laundering and terrorism and includes the much-debated ‘travel rule,’ requiring exchanges to collect and transfer customer information during transactions and, if required, provide it to the concerned authorities. This information includes the originator’s name, account number, and location data, as well as the name and account number of the beneficiary.At that time, OKEx stated:“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns. Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”Privacy coins are coins that ensure the privacy and anonymity of its users. They rely on the same blockchain technology as cryptocurrencies like Bitcoin but handle information about transactions in a different way. Privacy coins conceal information about senders and receivers during transactions and hide data about wallet activity or at least offer this feature to users. That’s why they are delisted by the South-Korean unit of the leading OKEx exchange.An OKEx Korea spokesperson stated:“[Anonymity tokens] violate the laws of regulatory agencies and major institutions. The Financial Action Task Force (FATF) has recommended abiding by the Travel Rule, and we are taking steps to follow it.”According to the post by OKEx Korea which refers to Monero, Dash, Zcash, Horizen and Super Bitcoin as ‘dark coins’, the mentioned currencies will be delisted on October 10. The deadline for final withdrawals for the coins is set for December 10. By now, the decision has been taken only for the Korean unit.Other crypto exchanges may follow OKEx Korea in their decision. Earlier, Coinbase started delisting the privacy-based cryptocurrency ZCash from its platform for all the U.K customers. From August 26, users are unable to hold any ZCash balance.At that time, Coinbase explained this decision by the pressure from HM Revenue & Customs, the British tax authority, that required all the exchanges to reveal customers’ names and transaction histories, in a bid to claw back unpaid taxes.Monero, Dash and More Privacy Coins Delisted By OKEx Korea As ‘Violating FATF Travel Rule’

OKEx Korea Delists Dash, Monero, Privacy-Cryptos Citing FATF Demands

Ever since the inception of bitcoin, the crypto market has faced major hiccups from regulators, institutions, and governments. But, commentators believe that cryptos will gain mainstream adoption when they conform to various regulations that also affect the fiat currencies. Regulators are coming in hard threatening to ban any operator who does not heed to their rules and regulations. In that context, the South Korean branch of the OKEx crypto exchange has announced that it will remove support for up to five major altcoins. The delisting of these tokens will happen as a result of new international regulations as explained by the exchange. FATF Rules Suspend Privacy Coins Trading OKEx Korea said in a September 10 blog post that it would suspend trading of Dash, Monero, Horizen (ZEN), Zcash, and Super Bitcoin (SBTC) on October 10. The reason for this suspension is that as since they are primarily focusing on privacy issues. These coins fall foul of new guidelines that the intergovernmental body FATF or the Financial Action Task Force set out. The blog post read: “Support for trading of 5 different cryptocurrencies, XMR, DASH, ZEC, ZEN, SBTC, will be terminated.” Earlier reports revealed that the major changes to the crypto transaction rules need businesses to identify the two involved parties. The identity of the transacting parties will need to be revealed if the transaction is worth more than $1,000. Other Exchanges Might Follow By June 2020, over 200 countries are theoretically expected to implement the new rules. However, there are growing concerns that doing that is physically impossible for a majority of the decentralized blockchains. The five cryptos targeted by OKEx make it impossible to identify the recipient and sender of any transaction by design. An OKEx representative said that these coins will only get delisted on OKEx.co.kr. However, they will remain listed on the global OKEx platform. Like what you're reading? Subscribe to our top stories The post OKEx Korea Delists Dash, Monero, Privacy-Cryptos Citing FATF Demands appeared first on FXTimes.com - Daily Cryptocurrency and FX News.

Monero, Zcash and DASH to be shown the door by OKEx Korea over FATF violation

Privacy coins are facing the axe by one of South Korea’s largest cryptocurrency exchanges. OKEx Korea, the Korean unit of the Malta-based exchange is set to delist five privacy coins from its coffers pointing to violation of the Finance Action Task Force’s [FATF] travel rule, according to a report by Bridge Kyungjae, a Korean news […] The post Monero, Zcash and DASH to be shown the door by OKEx Korea over FATF violation appeared first on AMBCrypto.

OKEx Korea delisting all privacy coins, including Monero, Zcash and Dash, as these ‘violate’ FATF’s ‘travel rule’

Cryptocurrency exchange OKEx’s Korea unit is delisting all five privacy coins - monero (XMR), dash (DASH), zcash (ZEC), horizen (ZEN) and super bitcoin (SBTC). The transaction support for the five coins will end on Oct. 10, while withdrawal services will stop on Dec. 10, OKEx Korea announced Monday. The exchange said the decision has been taken as these coins “violate” the Financial Action Task Force (FATF’s) "travel rule." In June, the FATF, the global money-laundering watchdog, issued its final crypto guidelines, retaining “travel rule,” which requires exchanges to collect and transfer customer information during transactions. The information includes originator’s name, his account number and location information, as well as beneficiary's name and his account number. OKEx Korea said privacy-oriented coins do not allow collecting such information, hence the end of the support for the five coins. It is possible that other crypto exchanges with fiat on-ramps will follow suit.  The Block has reached out to OKEx to understand whether the decision has been taken only for its Korea unit or globally. We will update this article if a reply is received.
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Token Swap: Tether Announces Token Burn Of Over 400 Million USDT

Tether has shared a piece of information about a forthcoming token burn which according to announcement would take place shortly. According to a tweet from their official Twitter handle, Tether plans to shortly move 400 million Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. Tether will shortly move 400m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. — Tether (@Tether_to) September 16, 2019 Tether Minted 300 million USDT Few Days Ago Few days ago, Tether took to Twitter to inform its users that it was coordinating with a third party to perform a chain swap. This was planned in order to convert some tokens from their original Omni to an Erc 20 protocol. At the time of the initial announcement, 300 million Tether USDt was announced to have been minted for the swap. However, these conversions took place few days ago as Tether promised the token swap wouldn’t disrupt the total supply. In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process. — Tether (@Tether_to) September 12, 2019 Whale Alert, a twitter account dedicated to alerting the community of big cryptocurrency transactions, noted the coinage described above in a tweet published on Sept. 12. As per a second tweet submitted as an answer to the first one, Whale Alert offered an explanation of the type of transaction: “This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.” And finally, Tether is burning the Omni Tether that was already converted to ERC20. Until now, no token burn has taken place on Omni blockchain. In July, it was reported that Tether accidentally minted and burned 5 million USDT tokens. However, Tether long-standing controversy about issues relating to transparency and market manipulation. The post Token Swap: Tether Announces Token Burn Of Over 400 Million USDT appeared first on Coingape.

Zero-Knowledge Proof Solution from QEDIT Implemented Into Kaleido Blockchain For Transaction Privacy

Kaleido, a startup blockchain solution from ConsenSys Venture Studio has gone on record to become the first blockchain platform to implement the zero-knowledge proof solution from QEDIT—the crypto private company. A Non-compulsory Feature On September 13th, 2019 QEDIT shared a paress released with Cointelegraph where it stated that the partnership it had developed with Kaleido […]
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Cryptocurrency Exchange OKEx Korea Removes Privacy Altcoins

According to an official announcement made by the South Korean branch of OKEx, the popular exchange will delist five privacy coins as early as October 10, 2019. Complications for Privacy Coins Trading of Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on OKEx Korea will be suspended on October 10, 2019,Read MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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