OKEx Korea announced on Monday (September 16) that it plans to delist all five privacy coins it is currently supporting.
In October 2018, the Financial Action Task Force (FATF) updated its Standards to “clarify their application to virtual assets and virtual asset service providers.” And in June 2019, the FATF issued an Interpretive Note (INR. 15) to Recommendation 15 (New Technologies) that provided further clarification in this area.
These latest guidelines kept the so-called “travel rule”, which requires crypto exchanges and other virtual asset providers (VAPs) to not only enforce “Know Your Customer” (KYC) rules for their own customers, but to also collect and pass customer information about the sender and receiver for every crypto transaction.
In a notice posted on its website earlier today, OKEx Korea announced “End of Support” for XMR, DASH, ZEC, ZEN, and SBTC transactions since these privacy-focused coins violate FATF’s travel rule as they do not allow collection of the required information.
10 October 2019 is the date on which transaction support ends, and 10 December 2019 is the date on which withdrawal support ends.
Featured Image Courtesy of OKEx Korea
