Privacy coins getting delisted

[qwizzie]

What i dont understand about the FATF "Travel rule", is why this is direct cause to delist Dash on OKEX,
when with Dash only 1% or less of its transactions are of a private nature and the other 99% of its transactions
are just as public as Bitcoin and can still be made fully compliable to this new rule from the FATF  

Link : https://ciphertrace.com/fatf-crypto-travel-rule/

The FATF by introding a new rule that exchanges can not easily integrate (its a ridiculous rule to begin with)
are directly and unfairly infringing on crypto usage and crypto development.

There are exchanges that simply dont follow this rule for now (exchanges like Binance and Coinbase and a lot
more exchanges i suspect). Lets see if this rule survives or not (i think it will be dropped at some point).

[enhu]

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 ?
 

Delisting BTC and ETH would be a more demented news for all.   This could be a message to the developer to postponed the taproot.

Still this is bad news for the privacy coins out there. There is no reason for these exchanges anymore to put limit to withdrawals, I hope the DEX these days and because of this news DEX will have the volume to these privacy coins. Hopefully.

[poornamelessme]

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 :


 

Same thoughts crossed my mind. Soon there may be little difference between btc, ltc, eth and dash, monero, etc. There are already coin mixing services for btc too.

And I still have no idea why it matters when exchanges require KYC (I assume)? So <bad guy> tries to move his anonymous coins he obtained from <nefarious deeds> to exchange. All secret and anonymous, as bad guys are wont to do.

First step to sell them is to provide his real name, address, social (or country id) usually with license or passport. So how is this private and anonymous anymore?

[Marckolind]

Privacy coins will flourish on decentralized exchanges, which will be a huge competiting market to all the centralied exchanges we've got today.
Most DEX solutions currently available just isn't good enough, or worth peoples times, which makes sense when you think about. All DEX solutions is based on Atomic swaps, or something even worse, which makes trading extremely slow on a peer to peer level.

Do some research on Stakenet (Which will add privacy as well), who's building a Lightning DEX. I personally believe that's one of the greatest ideas in crypto right now for a true working DEX with instant trading, low fees, and 100% privacy, as you don't need to submit KYC, open accounts, or even sync with the network.

Do your own research, but it's definitely one of the most promising projects out there currently in this space.

[Vishnu.Reang]

Nothing unexpected here. We can't really blame the exchanges as well. The authorities are cracking down on cryptocurrency exchanges all around the world and the remaining ones are forced to implement stricter KYC requirements. The conversion of privacy coins to BTC/USD (and vice versa) is being actively monitored and some of the exchanges are puling out as it is causing too much trouble for them.

[Inu.Guren]

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

the simple answer of course you can read the mission about the privacy on their official website.
and few of them are focused to make community transaction are secret...and protecting their privacy, of course as we know blockchain itself any transaction can't tracable and this is one of blockchain feature

[mr_random]

The last news by the Okex branch will be the reason for the decreasing price of the privacy altcoin. There are several causes for this action by the exchanges, the main one is the problems with the terms of regulation. Exchanges want to comply with the rules of the agreement by the official regulators but the untraceable blockchains will be shady for these organizations for tracking the truncations on the blockchain. I hope the circumspection will not last longer for the privacy-focused coins and the privacy coin banned exchanges will let the crypto traders continue trading. The DEXs are the key point in this situation, it will be near to the impossible limiting the trading of the privacy coins and transfers on the anonymous blockchain.

[cp_underground]

The last news by the Okex branch will be the reason for the decreasing price of the privacy altcoin. There are several causes for this action by the exchanges, the main one is the problems with the terms of regulation. Exchanges want to comply with the rules of the agreement by the official regulators but the untraceable blockchains will be shady for these organizations for tracking the trancationson on the blockchain.

exchanger can't do anything about the goverment regulation, moreover many country banned cryptocurrency, and special for privacy coin they are 100% untracable and make goverment worry about money laundrying, and i think about the price don't give big affect in market

[togoshigekata]

Dash 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).

Dash’s Privacy Features And Compliance
https://blog.dash.org/dashs-privacy-features-and-compliance-c27d79254ff1

[jagaban]

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/

Can't blame Okex exchange for this. They need to bow to the laws of the Korean government which instructed them to do this. Crypto needs to be regulated. I believe in this. Regulation will spur its growth further. Customers who are not happy with this new development can always patronize the services of other exchanges. My fear is that, the future of privacy coins is now in jeopardy

[cytpoway121]

That’s not a good news
But I think decentralized exchanges will be growing stronger with news such as this

Investors need to be quick in their decision making; why regulation against crypto currency should not be rushed

[Febo]

I don't like this news. From what I know OKex doesn't handle fiat, so they should not necessarily comply rules.
On the other hand, it can be a method to avoid hacks/hackers get use of stolen coins, if the other exchanges also comply.

I agree. It is strange. Not to mention they talk for a year in Korea about it. Makes very little sense.

Well it's better than giving people false promises regarding their privacy. As soon as your real information is linked with a privacy coin like XMR or ZEC then it loses much of its anonymity.

How can you explain a bit more. You cant unlink your identity from a coin with transparent ledger once you linked your identity to them.  Impossible to do it. With Monero is simple. All you need to do is send it to another valet and no one, except you , dont know where those coins come from. 

[Kemarit]

Might not be a good news for crypto enthusiast specially those who invest on privacy coins. But I'm not surprised by the move though, we all know that governments around the world are clamping crypto specially privacy coins. And we all know that those privacy coins can be a hotbed for criminals that's why governments are putting pressure on exchanges on the last couple of months to remove or de-list privacy coins in their platform. I think LBC already did that move last May removing Monero and Japan's FSB is putting a pressure on Japanese exchanges to drop privacy coins as well. So this will be the trend, sad to say.

[Shallow]

This news just sounds like saying, Bitcoin should lose its decentralized nature because a certain few are not okay with it. Like seriously, why listing them in the first place when they know vividly that privacy coins are meant for anonymous transactions. However, in my own opinion, this news holds no ground nor will it have a huge effect on privacy coins let alone making the team to change the nature of their coins.
I believe there are still other exchanges which have no issue with privacy coins, also I think decentralized exchanges should man up and step up their games so as to be the one stop shop for privacy coins.

[SistaFista]

Why bother to delist privacy coins ? Just make a rule, user must KYC to be able to deposit and withdraw, simple.
They will be able to verify the privacy coins owner from their KYC database.
I think there are another reasons for delisting such coins from the exchange.

[smyslov]

Each exchange has its own regulations but it's funny they allowed these coins to get listed when they are starting out, so they increase their volumes, after using these privacy coins to increase their volumes and status they've delisted these top coins in the market.

[yazher]

This is not a good thing to hear for the Privacy Coins investors, what about the price right now?
are they affected with this sudden purge? if not then they need to make up their minds and look for another coin to invest.
because they will not know if the other exchanges will do this move too.

[ariyzt]

Korean exchange delisted privacy coin it just goverment issue. The korean goverment wont privacy coins used by peoples to do bad things like drugs , money loundry , and anything about ilegal activity. So Okex is doing what that should they do.

[Bagani]

Very bad news for privacy coins like Dash and monero that I like the most. I think Okex Korea is just obeying some laws in their natin. The price of privacy coins will surely affected with this news. People might think that other exchanges will follow on delisting privacy coins due to law.

[cp_underground]

Korean exchange delisted privacy coin it just goverment issue. The korean goverment wont privacy coins used by peoples to do bad things like drugs , money loundry , and anything about ilegal activity. So Okex is doing what that should they do.

even not using privacy coin, another cryptocurrency can do that, because in blockchain can't tracable even we know where the currency are transacted and received, but who know the owner from that unit currency asset, if the reason from goverment just that, okex still can okex can argue and refuse