6 Privacy Coins to be Delisted from Upbit
- The South Korean exchange has been investigating the coins since early September, and it seems they did not meet the requirements listed by the FATF guidance.
- OKEx Korea also announced earlier this month, that it will be delisting five privacy coins.
Lee Sir-goo, CEO of cryptocurrency exchange Upbit operator Dunamu.
South Korean cryptocurrency exchange Upbit will be delisting a number of privacy coins following regulatory requirements from the Financial Action Task Force (FATF), the company announced in a blog post.
According to the 20 September notice, the exchange will delist and cease trading support for Monero (XMR), Dash (DASH), ZCash (ZEC), Haven (XHV), BitTube (TUBE), and Pivx (PIVX) on Monday, 30 September. The notice further reads that deposits in these cryptocurrencies will no longer be supported, and that orders placed before the end of the transaction support will also be canceled.
One of the reasons behind delisting these coins is that they did not meet the requirements listed by the FATF guidance, which were issued last June. The exchange had already announced that it will be conducting an investigation into these six coins in the beginning of September. Another reason behind this move, as Upbit clarified, is to block the possibility of money laundering and inflow from external networks. The notice reads:
“There are also crypto-assets that can selectively utilize anonymity features among projects that are subject to end of transaction support. For these crypto-assets, Upbit has only supported transparent withdrawal/deposit support. Nevertheless, the decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks.”
Other major exchanges have also been delisting privacy coins, for example, earlier this month OKEx Korea announced that it will be removing five privacy coins. According to OKEx Korea’s announcement, support for Monero (XMR), ZCash (ZEC), Dash (DASH), Horizen (ZEN), and Super Bitcoin (SBTC) will end on 10 October. The reason the exchange gave was again that the coins did not cover the requirements set out by the new FATF guidelines.
- On 26 December U.S. users will loose the ability to open new positions in ADA and TRX, and by 31 December will no longer be able to stake the tokens.
- eToro will limit the selling of the assets sometime in Q1 2022, after it has made its wallet compatible with ADA and TRX.
Shutterstock
- From 6 October, Upbit users that have not undergone AML verification will only be able to execute trades lower than $850.
- A week later the exchange will stop trading services as well as deposits and withdrawals for existing customers that have not verified their account.
- The newly introduced DeFi Hub ecosystem supports two core products, an NFT Marketplace and a DeFi Dashboard.
- The new marketplace aims to accelerate the adoption of NFTs by enabling users to buy, sell and trade non-fungible tokens “with zero fees paid out to OKEx”.