OKEx Korea Reviewing the delisting of Zcash and Dash
By Inkarias - 2019-10-12
In our previous article about Okex in september, the well-known South Korean had announced that all five privacy related coins would be delisted, citing FATF’s controversial “travel rule” for crypto asset service providers, which sets out how national regulators must oversee the industry: the coins concerned by this decision were monero (XMR), dash (DASH), zcash (ZEC), horizen (ZEN) and super bitcoin (SBTC).
Previously announced for October 10, the leadership of Okex has reviewed its decision and halted, for now at least, the delisting of two privacy coins due to regulatory pressure from the Financial Action Task Force (FATF).
According to a notice shared from the exchange yesterday, the planned suspension of both zcash (ZEC) and dash (DASH) support has been put under review.
Under the travel rule, crypto exchanges must be able to collect and disseminate relevant information for transaction monitoring such as the name and address of the sender and recipient of virtual currencies. Monero, horizen and super bitcoin were still delisted from the exchange yesterday as planned. A final decision on zcash and dash support will be announced after the compliance review later.
Since FATF’s announcement, there has been an increasing pressure for exchanges to drop support for privacy coins.
What about other exchanges?
In the same way, Coinbase dropped zcash from its U.K. exchange in early August. Some sources clearly stated that the move was in relation to forming a new banking relationship with ClearBank after Barclays withdrew its services from the company.
The South Korean exchange Upbit also dropped zcash recently.
With the increased pressure from regulation entities since few months, we might see more exchanges taking actions against privacy based coins, either delisting or numerous reviews.
More details available at https://www.okex.com/