Privacy coins getting delisted

[Kotone]

I don't know what are they thinking. thats the main reason why they created privacy coin. to not have any trace of a transaction

Hello privacy coin, is a true decentralized approach if you will think about it. Why do you think Okex planning to remove it due to non following of travel rule of FATF? Isnt bit suspicious that they dont want to acknowledge funds or transaction from an unknown source? So reality check, cryptocurrency moving forward through being centralized, even monero a great blockchain will be dragged down for this.

[alt-fire]

It's expected step from country with high level of regulation. I think that such moves can be reason of privacy coin dump and for Bitcoin and Ethereum growing.

[fortunecrypto]

Okex korea on war with privacy coins, they have decided to delist privacy coins like zcash, Dash, monero, horizen and SBTC, Why? well the reason is..

“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.

Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”

Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/

This is happening because of to many hacking, and hackers are using Privacycoins to escape their activity but these coins have a goal to become a decentralization and anonymous, hackers just exploited this feature, but there is a fix to this, not delisting this coins.

[qwizzie]

Dash got listed on Coinbase Pro and will start trading there today. I think its just a select few exchanges, that decided to delist
certain cryptocurrencies to stay on the safe side with regards to regulation and compliance.

Countries that seems to have taken a more hostile stance towards those cryptocurrencies that have the ability to provide
private transactions to its users (and therefore making it harder to regulate and comply with) : Japan - UK - South Korea

For Dash it helps that its privacy technology that users can optionally use is based on CoinJoin, only more sophisticated and
decentralized. Since CoinJoin also exists for Bitcoin (through several wallets having implemented it for Bitcoin and Bitcoin Cash),
there is effectively no legal difference between Bitcoin and Dash. Note that Dash is also forked from Bitcoin code-base and has a high
level of compatability. Dash optional privacy is actually not used much on the Dash network (less then 1% of Dash transactions are of
private nature).

[TheClownSong]

If in my opinion it was done because of avoiding criminal transactions so it is only natural for them to delete the privacy coins and maybe they want to eliminate traces of unknown transactions so that they plan to delete the privacy coins, in this case I only came to a positive conclusion because they wanted to avoid these things that are not wanted.

Many countries have banned the use of privacy coins to avoid abuse. In my opinion, now it does not matter whether the coin is privacy or not, the most important thing is speed in transactions and safe because regulations are not likely to be issued if the coins can be used for criminal acts

[Cnut237]

I've been concerned for a while about the impact on privacy coins as we move further along the road to mainstream adoption of crypto. A consequence of travel on that road is that there is increased government scrutiny, and increasing attempts to regulate and control. Privacy coins represent the worst fears of governments and regulatory bodies, so it does seem logical that these are the coins that are hit hardest.

[#Darren]

This is not surprising, because as we are moving towards the mass adoption, there is only one way to find a common road with government and this is ban of all privacy coins. No government will legalise crypto currencies with such coins as Monero.

[pieppiep]

I think they will have to regret delisting the privacy coins from their website someday. They don't have to do that because the privacy coins are included inside the cryptocurrency and if they are afraid because of the potentially criminal pattern, they should not have the other cryptocurrency too because all of the cryptocurrency is anonymous and people can do anything with the cryptocurrency for making the transaction.

We still have another exchange that still lists the privacy coins, and we can use it to make a profit. I think that will not affect the other exchanges as they are running in a different country. Maybe that exchange is afraid because of the regulation in their country, so they decide to delist the privacy coin from their site.

I am sure the privacy coin can survive if they are delisted from those exchanges because they can exist in the other exchanges without a problem.

[Rustamm]

This is really bad news, but I don’t think this news came as a surprise to owners of confidential coins, because the war on privacy has been going on for a long time and government officials have been talking about the deanonymization of cryptocurrency owners for a long time. It was clear that crypto exchanges would look for ways to deal with anonymous cryptocurrencies. But do not forget that no one can forbid us to use anonymous cryptocurrencies, we can still exchange them for OTC or make purchases on the Internet.

[betty11]

I believe they are trying to comply with the regulating frame work of the government, they don't want the wrath of the government. This news is not a very good one for the community, exchange will comply with any policy that will make them stay in the market, so am not going to criticize them for their action.,

[LuckyBtc]

This is just a start, Other exchanges probably will do the same(But I hope they don't). I guess Decentralized exchanges or AtomicDEX will benefit from this largely, The sooner we get used to them the better.

[Ridwan Fauzi]

The government just seek the bad side on the something that they aren't really knows. Whilst, the using of their money fiat is something that more dangerous rather than cryptocurrency. Because they can be able to know what has done by their citizen such as through KYC, they can make a provision to all exchanges who run on the country and every user must pass the KYC before they make a transaction.

This is not a bad news in my point of view, but it is just a knowledge side. If you wonder to active on this forum then this case will be taken as an ordinary thing. And I just thinking if there is a bad news who come from the government then I won't take it seriously because it's just a satire. But when I found a good news such as they will accept cryptocurrency or they will make a start-up based on blockchain technology I'll take it seriously.

[mindrust]

These coins are the real threat to the world governments. Not bitcoin.

Depends on where you look from, this might be a good thing. Bitcoin is the middle ground for all. It can be semi-anonymous if you prefer to use it that way.

Coins like XMR, Grin etc will still operate and we still need them but they might lose the support from the big institutions.

Take it Coinbase as an example, these guys constantly monitor your in&outgoing activities just like a bank. Do you think they'll let you play with XMR which they can't track? Of course no.

[cabron]

Thats not good. Not good for those who hold such coins, I do have some but were not listed to Okex. Now is the time to stick on DEX. Do you think other exchanges will follow what Okex Korea is doing?

These coins are the real threat to the world governments. Not bitcoin.

Depends on where you look from, this might be a good thing. Bitcoin is the middle ground for all. It can be semi-anonymous if you prefer to use it that way.

Coins like XMR, Grin etc will still operate and we still need them but they might lose the support from the big institutions.

Take it Coinbase as an example, these guys constantly monitor your in&outgoing activities just like a bank. Do you think they'll let you play with XMR which they can't track? Of course no.

Its privacy coin which meant its only for them. Those people who hold these coins though possibly are not interested to coinbase. They'd just do whatever they are doing still, its just a "catch me if you can" situation.

[Metall303]

I think that these private currencies cannot continue to exist because governments will tighten controls of such currencies and the people who use them and i think that this is correct

[danherbias07]

And that is why they put a limit into every centralized exchange. Example is Binance which have 2 BTC limit, that is to avoid this criminal transaction or money laundering acts.

Even if you do it with decentralized exchange you cannot sell them all for there is not much volume there.

Why delist it if they cannot even do anything to get in and out.

[mindrust]

Its privacy coin which meant its only for them. Those people who hold these coins though possibly are not interested to coinbase. They'd just do whatever they are doing still, its just a "catch me if you can" situation.

I know. I didn't say otherwise.

But the attention from all those exchanges and casinos etc, make the coin keep going, price-wise. Maybe you are not interested in the price action, then there is nothing to worry about it. (even though that price action brings more adoption)

And that is why they put a limit into every centralized exchange. Example is Binance which have 2 BTC limit, that is to avoid this criminal transaction or money laundering acts.

Even if you do it with decentralized exchange you cannot sell them all for there is not much volume there.

Why delist it if they cannot even do anything to get in and out.

The only place you could sell was localbitcoins and they already KYC'ed them. It doesn't look good indeed.

[Ben Shedly]

Okex korea on war with privacy coins, they have decided to delist privacy coins like zcash, Dash, monero, horizen and SBTC, Why? well the reason is..

“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.

Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”

Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/

The reason is that regulators such as the SEC a little pinch exchanges and require them to provide information about users of exchanges and transactions in order to gather information on the movement of capital. That's why so many people every day cease to trust the exchanges.

[qwizzie]

Whats the point of delisting certain altcoins with privacy enhancements, when even Bitcoin itself is introducing privacy-enhancements to its
code base through future upgrades? Two of such BIP's (Bitcoin Improvements Protocol) have already been introduced to the Bitcoin community :

Prolific bitcoin developer Pieter Wuille unveiled two Bitcoin Improvement Proposals (BIP) today that offer plans that could prove
foundational to a possible upgrade to the cryptocurrency.

The two proposals, announced on the bitcoin developer email list, describe Taproot, a code change designed to increase bitcoin’s privacy.
Taproot is expected to be bundled together with an upgrade called Schnorr in a soft fork that developers have been looking into for some time,
paving the way for privacy and scalability improvements to bitcoin.

Link : https://www.coindesk.com/new-bips-hint-at-upcoming-taproot-bitcoin-soft-fork

Even Litecoin and Ethereum are looking for ways to add privacy enhancements to their crypto projects.

Will the exchanges start delisting Bitcoin, Ethereum and Litecoin then as well ? Or is it more likely that crypto with its innovations and investment streams will
simply flow to those countries (including their exchanges) that have a far more pragmatic and reasonable crypto stance ?
 

[Milamol]

I believe they are trying to comply with the regulating frame work of the government, they don't want the wrath of the government. This news is not a very good one for the community, exchange will comply with any policy that will make them stay in the market, so am not going to criticize them for their action.,

Yes, this is a consequence of the pressure of laws and regulations. And it will increase in the future. But at the same time, the value of anonymous coins will not decrease. Those who need real anonymity will use these coins more often than BTC.
These delistings are nothing more than a game by different rules that will not change anything.