Privacy coins getting delisted

[qwizzie]

Privacy coins getting delisted is just a small side-effect of FATF ruling
currently getting implemented by its member countries (all 37 countries).

What is far more important is that this FATF ruling impacts anything and everything
involving "crypto assets" (all cryptocurrencies, all exchanges, all wallet providers).

FATF ruling also includes the so called "travel rule":

The travel rule has been a requirement for some time for international banks whenever they transact business
on behalf of the customer. It has however been subject to discussion in the cryptocurrency industry often described
as onerous and infringing on user privacy. The FATF completed recommendations to 37 of its member countries in the
summer. The recommendations included the controversial “virtual asset service providers” that requires crypto exchanges
to share customer information when transferring funds.

The agency gave member nations 12 months to implement the recommendation. Although it is not mandatory, countries
not complying could find themselves on a financial blacklist.

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

This travel rule directly impacts the privacy of cryptocurrency users (any cryptocurrency user)
When you look at the privacy-sensitive data that will flow outwards thanks to this travel rule,
there is even a high chance this travel rule will directly violate European Privacy Laws.
(European Privacy Laws prohibit the flow of privacy-sensitive data to go outside the EU).

Since the FATF ruling (including the travel rule) is not mandatory to implement (its a set of recommendations),
i guess its up to countries and exchanges themselfes to decide if they want to follow it or not.

I doubt countries will get so easily financially blacklisted by the FATF for not following these recommendations, when there is
so little actual money laundering and terrorist funding going through these "crypto assets".

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[rdewilde]

This news looks like it will have a huge effect on privacy coins but I doubt if it will happen, because privacy coins are there to keep users informations on check , thus I don't see much to it other than an exchange trying to obey regulations. There are already other exchanges where these coins are listed and doubt if they will all delist, nevertheless there have to be plan B for these privacy coins and owing to their decentralized nature, I think DEXs will be the best bet.

[Bagaji]

The government has started a war against privacy coins on any exchange which is bent to accept regulations from the government. This problem we see is somehow a solution for the acceptance of cryptocurrency on the part of the government. Haven seen this happening, I wonder how soon will they announce and recognize cryptocurrency as a currency. Before this will happen, that is, the acceptance if cryptocurrency many coins or tokens will be delisted from exchanges especially those with anonymous privacy control.

[mu_enrico]

With travel rule, MLD5, etc., I'm afraid the future of "anonymous" exchange and coins aren't bright. We will see more exchanges implement stricter KYC and pressured to delist privacy coins in the EU and US.

It's interesting to see how the price would react to this battle since this is pretty serious. If you are a privacy coins holder, you should keep an eye on how this progressed.

[fosco333]

If the reason for delisting privacy coins is to prevent criminal activities, then it will be good for us,
because i think scammer or hacker using privacy coins to erase their trace.
popular privacy coins have big volume in exchange, it means they will lose some profit if they delist the coins.

[Hueristic]

And Monero up since this was announced.

Gotta love it.

[traderethereum]

If the reason for delisting privacy coins is to prevent criminal activities, then it will be good for us,
because i think scammer or hacker using privacy coins to erase their trace.
popular privacy coins have big volume in exchange, it means they will lose some profit if they delist the coins.

I think they will not tell the real reason why they delist the privacy coin from their exchanges, and maybe they are afraid of the government to investigate their report.
But that will make them lose some profit as you say because privacy coins can increase in anytime.
I admitted that privacy coins are used in the dark market, but I don't think that they only used privacy coins because I am sure that they used bitcoin too.
I think that will not be a problem if that exchange wants to delist the privacy coin because we have many other exchanges which still list these coins so we can continue to trade the coin pair bitcoin or usdt.
One thing that they should know that privacy coin will be the next potential coin that will increase.
And if the coin can increase, they will regret it because they delist the coin too earlier.

[qwizzie]

Just to clarify : OKEx and OKEx Korea are two separate exchanges with each their own listings.

OKEx Korea will be removing those 5 coins
OKEx will keep their current listing (which includes Dash with margin trading)

[Bitze]

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/

according to current info BEAM is listed on binance. so this is a sign that it is possible to land on big exchanges with privacy projects.

[Reid]

Any other hidden news?
Are they being cornered by the government to attend to the rules?
Something like anti money laundering act?
Using it for the purpose of taking out this big names such as privacy coins.
They could if they want to. Just scare them with closing down their business and Voila! they will surely comply.

[Kezacky]

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.

yes the chronology is indeed true, and this is one of the reasons why the government bans privacy coins in their exchanges. but I think this adds to the list of bad news and can affect market conditions again, privacy coins are very worrying as you say related to abuse for illegal businesses.

[Crytodon]

Japan laws forbids privacy coins and so is other nations
But Binance support their trading and lending

[ajaymukund]

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/

Yes, they made the right decision. privacy coins are really one of the very dangerous things for exchanges, because hackers can find out information about these types of transactions.
Not long ago, there was an exchange in Japan hacked due to privacy coin transactions.
I fully support the fact that these coins will die in the future, it doesn't really help the crypto market too much. On the contrary, it makes the terrorists even bigger!

[Darkoth89]

That's why we need decentralized exchanges. And I don't mean DEXs like Etherdelta or Binance Dex but exchanges where we can trade all coins. Governments will always find excuses to take actions against privacy focussed coins and with centralized exchanges they have a perfect point of attack.

[seagates]

Thats a big problems for the industry in my opinion.
Crypto should be private and only this projects can help in it

[robelneo]

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/

They create valid reasons to delist these coins that can contribute big volumes in any exchange, I hope this will be the last exchange that will do such a move, now we know that they want centralization and don't like anonymity, in the first place Bitcoin and these Privacy coins is the one that truly represents the true essence of Cryptocurrency.

[Mianae]

If exchange has to confirm across them who sends cryptocurrency to another of what use is the cryptocurrency anonymity logo then? Privacy is the essence of cryptocurrency and once this chain is broken there's no cryptocurrency anymore

[jacafbiz]

The lost of some exchange is the gain of others, for me Privacy coins are one of the few selected coins in the space with real demand for them. The demand for them is huge and as long as the Dark market exit there will continue to be demand, I think they forget to note that the many selling point for BTC was the animosity it offers

[Ucy]

This is more reason why privacy coins need to focus more on decentralized exchanges/platforms and less on short-term increase in the coins prices. The exchanges current tolerant posture could be temporal. Those who refuse to bend to their will may not survive on their turf(centralized platforms) in the future.
They should focus more on true decentralization, incentives, peer-to-peer and the masses.

[light22man]

Its a tough question about privacy coin, from one side people, has right for the privacy of their fund, from there another side a lot of criminal use privacy coin to make their dirty things. I think in future you will only be able to buy privacy coin on the decentralized exchange