South Korea’s Upbit Delists Six Privacy Coins

Asia Blockchain Review
September 30, 2019

After the release of regulatory requirements from the Financial Action Task Force (FATF), an international body established by the G7, South Korea’s Upbit is the latest crypto exchange to announce that it will be delisting privacy coins that have been under investigation for money laundering and other charges.

Privacy Coins Under Investigation

According to CoinDesk, South Korean crypto exchange Upbit has announced that it will cease transaction support for Dash (DASH), Zcash (ZEC), Haven (XHV), Monero (XMR), PIVX (PIVX), and Bittube (TUBE) from Monday, September 30th.

Upbit stated in a blog post that some of the reasons for the delisting are due to allegations related to money laundering.

“There are also crypto-assets that can selectively utilize anonymity features among projects that are subject to end of transaction support. For these crypto-asset, Upbit has only supported transparent withdrawal/deposit support,” the blog post stated. 

“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.”

Exchanges Delist Privacy Coins

Earlier this month, Upbit revealed that the six coins were put under private investigation by the exchange to address whether the coins comply with FATF requirements that had been announced in June 2019.   

Privacy coins carry out transactions on private ledgers, but do not reveal the user’s identity or address. Prior to Upbit, exchanges such as OKEX and Coinbase have also been ceasing support for privacy coins.

Source: https://www.coindesk.com


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