The South Korean branch of cryptocurrency exchange OKEx has indicated it will be delisting five privacy coins next month due to apparent violations of regulatory laws.

According to CryptoNews, OKEx Korea will no longer support Monero, Dash, ZCash, Horizen and Super Bitcoin from October 10 onward to avoid legal issues.

Privacy Tokens Not In Line with South Korean Law

A statement released by an OKEx Korea spokesperson and published by Bridge Kyungjae explained that Monero, Dash, ZCash, Horizen and Super Bitcoin do not comply with applicable laws and rules in South Korea.  It also noted that the country’s Financial Action Task Force (FATF) had suggested the move to maintain compliance with the Travel Rule, a regulation which compels exchanges to share the data of token senders and receivers.

The statement did not indicate that the FATF had specifically named the five privacy coins, but said OKEx was taking its own steps to ensure it was abiding by the Travel Rule and the task force’s recommendations.

Number of Delisted Coins in South Korea Growing

OKEx Korea has so far delisted 16 different coins this year.  Among those removed from the exchange have been AirSwap and Digibyte, which were delisted following internal appraisals by the platform and were not linked to any external pressure.

The latest announcement from OKEx Korea resembles a similar move taken by Huobi Korea, which just last week conducted its first ever round of delistings citing better synchronicity with other South Korean exchanges and that resulted in the expulsion of Bithumb, Coinone, Korbit and Upbit. 

The growing number of delisted coins has led to some warnings of a “coin clear-out” in South Korea.

Source: cryptonews.com

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