OkEx Korea removes all privacy coins

[jjbanks994]

Five privacy coins including monero, dash, zcash, horizen and super bitcoin are to be delisted from the exchange. Apparently the Korean government has asked crypto exchanges to implement the FATF guidelines which include the travel rule.

It will be interesting to see if exchanges choose to implement TRISA which is CipherTrace's solution to the FATF policy rather than delisting them.

What are your thoughts on this topic?

https://tokenpost.com/Crypto-exchange-OKEx-Korea-to-remove-all-privacy-coins-including-monero-dash-zcash-over-FATFs-travel-rule-3443

[Febo]

Five privacy coins including monero, dash, zcash, horizen and super bitcoin are to be delisted from the exchange. Apparently the Korean government has asked crypto exchanges to implement the FATF guidelines which include the travel rule.

It will be interesting to see if exchanges choose to implement TRISA which is CipherTrace's solution to the FATF policy rather than delisting them.

What are your thoughts on this topic?

https://tokenpost.com/Crypto-exchange-OKEx-Korea-to-remove-all-privacy-coins-including-monero-dash-zcash-over-FATFs-travel-rule-3443

Thoughts are simple. OKEx Korea know everyone on their exchange, since they KYCed themself. So they know who deposited every coin on the exchange as who withdraw coins from that exchange. That is what FATF policy is all about. In FATF policy there is no reason for delisting any coin. There are just reasons for them to focus more in KYCing their customers.

[darylalban]

I would be interested to see if instead of delisting coins they choose to implement TRISA framework

[bitkanu]

Five privacy coins including monero, dash, zcash, horizen and super bitcoin are to be delisted from the exchange. Apparently the Korean government has asked crypto exchanges to implement the FATF guidelines which include the travel rule.

It will be interesting to see if exchanges choose to implement TRISA which is CipherTrace's solution to the FATF policy rather than delisting them.

What are your thoughts on this topic?

https://tokenpost.com/Crypto-exchange-OKEx-Korea-to-remove-all-privacy-coins-including-monero-dash-zcash-over-FATFs-travel-rule-3443

Thoughts are simple. OKEx Korea know everyone on their exchange, since they KYCed themself. So they know who deposited every coin on the exchange as who withdraw coins from that exchange. That is what FATF policy is all about. In FATF policy there is no reason for delisting any coin. There are just reasons for them to focus more in KYCing their customers.

It seems true but why okex has said like this

In its notice, OKEX Korea said it will delist cryptocurrencies that “violate laws or regulations [and] policies of government agencies and major agencies.”

Specifically, in this case, it cited the “travel rule” recommendation to national regulators from the Financial Action Task Force (FATF) as the reason for pulling the five coins.

https://www.coindesk.com/okex-korea-drops-5-privacy-coins-citing-fatf-rules

But this will be only implemented in the okex's Korea based exchange but another platform still remains the same to allow the trade for these privacy coins.

[qwizzie]

I would be interested to see if instead of delisting coins they choose to implement TRISA framework

I just came across the TRISA news myself. Its very interesting.

CipherTrace unveils open source solution for crypto Travel Rule compliance ‘TRISA’
https://tokenpost.com/CipherTrace-unveils-open-source-solution-for-crypto-Travel-Rule-compliance-TRISA-3369

“The goal of the Travel Rule Information Sharing Architecture (TRISA) is to enable compliance with the FATF and FinCEN
Travel Rules for cryptocurrency transaction identity information without modifying the core blockchain protocols, and without
incurring increased transaction costs or modifying virtual currency peer-to-peer transaction flows.”

The solution would enable VASPs to reliably share payment details while maintaining the confidentiality of personal information
and whale trades. It enables immediate compliance with minimal impact on transaction flows and without the need to fork existing
blockchains, CipherTrace explained.

Note : VASP's are Virtual Asset Service Providers (crypto exchanges / custodial wallet providers)

CipherTrace said that major exchanges and wallets, such as Binance, are already considering TRISA as a viable option for compliance.

[antsam]

only OKEX applies it, although it is likely to be followed by other Korean exchanges, but that is not too worrying because I am sure there are still many exchanges that will not implement it. So I see it's not a big problem for the privacy coin community

[capcaypro]

This means that it is not a big problem for us to just exchange Korea, which is the center there to follow the government rules, although some probation coins removed from our OKEX are the best conclusions from OKEX.

[Strongkored]

only OKEX applies it, although it is likely to be followed by other Korean exchanges, but that is not too worrying because I am sure there are still many exchanges that will not implement it. So I see it's not a big problem for the privacy coin community

Not only OkEx, CEX.io and also Coinbase does it.

https://www.theblockcrypto.com/post/39724/okex-korea-delisting-all-privacy-coins-including-monero-zcash-and-dash-as-these-violate-fatfs-travel-rule

Last month, U.K.-based crypto exchange CEX.io also announced that it is delisting privacy coins zcash and dash taking into account " global regulatory and compliance development."

Coinbase U.K. also recently removed the support for zcash.

CEX.io and Coinbase operated in U.K so I think there is a possibility followed by another exchange, not only operated in Korea.

Exchange will adapt to new regulations, and will soon evolution without breaking existing regulations.

[masterrex]

Five privacy coins including monero, dash, zcash, horizen and super bitcoin are to be delisted from the exchange. Apparently the Korean government has asked crypto exchanges to implement the FATF guidelines which include the travel rule.

It will be interesting to see if exchanges choose to implement TRISA which is CipherTrace's solution to the FATF policy rather than delisting them.

What are your thoughts on this topic?

https://tokenpost.com/Crypto-exchange-OKEx-Korea-to-remove-all-privacy-coins-including-monero-dash-zcash-over-FATFs-travel-rule-3443

The qoute was simply said that "OKEX Korea" just Korean OKEx "not all the entire OKEX exchange globally will delist all of the privacy coins" It seems that Korean Government was only emplemented the law "FATF" which is to regulate and have an eye of those people or group trading on Korean jurisdiction.

[rz20]

Well, I didn't know that they could force a major exchange to delists coins from their platform? Good thing is that only the Korean version of the exchange will go through those changes.

[Little_king]

i dont think that is enough reason to delist thse coin eve if they are privacy coin , people actually need privacy in life and giving that life through the crypto doesnt mean its bad idea , we all know all wallet in crypto cant be trace back to owner expect if it is in exchange which is must more possible to get.

[aioc]

Did they made a study on the advantages and disadvantages od delisting this privacy coins in the market, what do they want to accomplish besides being compliant, big exchanges are not doing this, and they are ok with these privacy coins in their exchange, it seems it's an independent move by one exchange.

[bitsurfer2014]

I hope such delisting of privacy coins from OKEx would only be temporary and all matters pertaining to FATF guidelines should be

resolved accordingly. I think the crypto-community would be alarmed if these actions by OKEx would become a precedent of

what will other exchanges would do once obliged by that regulation and would be a blow to the essence of cryptocurrency

particularly  with these noted privacy coins.

[Strongkored]

Did they made a study on the advantages and disadvantages od delisting this privacy coins in the market, what do they want to accomplish besides being compliant, big exchanges are not doing this, and they are ok with these privacy coins in their exchange, it seems it's an independent move by one exchange.

If you read news that mentioned above than you know this is not about advantage and disadvantage, volume trading or anything else, this is about regulations that exchange have to do it.

[Stargazer]

Maybe the exchange had to do it because of the regulations. Though personally, I don't like these regional exchanges under a popular brand name. As all trader verified their profile on oKex Korea exchange so all of their data already under government, then why they are delisting these privacy coins?

[bussybuddy]

It depends on the rules in each country. It is possible that private altcoins violated the regulations in Korea so Okex Korea must delete the list of altcoins.

[rmilly]

Are we 100% certain that Korea has implemented regulations? Would be interested to know which countries (if any) have put crypto regulations into place. I can see Korea or China being one of the first to do so

[Flux0z]

Why should we even care at this point? It's funny how everyone is panicking when centralized exchanges choose to do whatever they do. It's incredible how much power these exchanges have.

I can't for all the upcoming DEX solutions to be fully up and running, so I can move all my trading off of these centralized shit exchanges.

Personally looking forward to Stakenet's Lightning DEX, which will offer instant trading over lightning, with virtually no fees at all.
Not only that, but you wont even need to register, submit KYC data, or sync up with the network, since the DEX will be running on masternodes. One of the most promising DEX's out there, that's for sure.

[silverleafy]

For those who have invested in privacy coins, this is no surprise. Goverments and regulators do not like privacy coins, they will fight with them. But with the emergence of more quality decentralized exchanges such regulations will not have to bother us. 

[Febo]

Five privacy coins including monero, dash, zcash, horizen and super bitcoin are to be delisted from the exchange. Apparently the Korean government has asked crypto exchanges to implement the FATF guidelines which include the travel rule.

It will be interesting to see if exchanges choose to implement TRISA which is CipherTrace's solution to the FATF policy rather than delisting them.

What are your thoughts on this topic?

https://tokenpost.com/Crypto-exchange-OKEx-Korea-to-remove-all-privacy-coins-including-monero-dash-zcash-over-FATFs-travel-rule-3443

Thoughts are simple. OKEx Korea know everyone on their exchange, since they KYCed themself. So they know who deposited every coin on the exchange as who withdraw coins from that exchange. That is what FATF policy is all about. In FATF policy there is no reason for delisting any coin. There are just reasons for them to focus more in KYCing their customers.

It seems true but why okex has said like this

In its notice, OKEX Korea said it will delist cryptocurrencies that “violate laws or regulations [and] policies of government agencies and major agencies.”

Specifically, in this case, it cited the “travel rule” recommendation to national regulators from the Financial Action Task Force (FATF) as the reason for pulling the five coins.

https://www.coindesk.com/okex-korea-drops-5-privacy-coins-citing-fatf-rules

But this will be only implemented in the okex's Korea based exchange but another platform still remains the same to allow the trade for these privacy coins.

I dont understand what is unclear? There is nothing in FATF policy that prevent them to have Monero listed. Nothing. FATF policy demand they know who they sell coins or get coins from. If they do KYC then they do know. Why they posted that is mystery to me. I have no ideas. They should tell the truth what is teh reason.  

My speculation is that since tehre was a lot of hacks in South Korea. A lot exchanges lost founds in last years and since they cant trace those taht was witdhrawn in Monero they did this. Instead to raise security to prevent hacks or internal stealings they pulled most simple thing that will not solve anything on the long term. It will only escalate problems since transparent ledger coins are easier targets then coins that have opaque ledger and hackers dont even know who holds them.