OkEx Korea removes all privacy coins

[dcomomal]

This is not the first issue, because no government will adopt crypto currencies as long as there are coins like Monero, that are completely anonymous. Crypto will get mass adopted, but there would no privacy coins at all.

[qwizzie]

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.

I think the KYC rules apply on customeraccount level and the FATF travel rule applies on transaction level. With an open
blockchain like Bitcoin, the exchange can apply this travel rule because the senders and receivers can be viewed
publicly on-chain, which means sender and receiver information can be gathered and sent to this global international monitoring system
and Bitcoin is therefore in compliance with this travel rule.

Lets forget for a moment that even Bitcoin has CoinJoin activity on its network (several Bitcoin wallets support CoinJoin and there
is some mixing / privacy enhancement happening on a very low and very centralized level) and focus on Monero.
Monero has a closed blockchain, where senders and receivers are not public knowledge (they are purposely hidden on-chain),
which means information on sender and receiver can therefore not be gathered and sent to some global international monitoring system.
This means there is no compliance with the travel rule.

Most major exchanges and custodial wallet providers seem to choose TRISA these days (an open-source solution) over delisting
specific cryptocurrencies that can provide private transactions. Maybe OKEx Korea will also one day implement TRISA
(its a rather recent open-source solution, only published somewhere this month) and then re-introduce these delisted crypto assets.

Link : https://www.businesswire.com/news/home/20190910005635/en/CipherTrace-Unveils-Trustworthy-Open-Source-Solution-FATF

Note : people should not confuse OKEx Korea, with their more international focussed and larger exchange OKEx. Only OKEx Korea
is delisting these 5 cryptocurrencies.

Its also questionable why they include Dash to this delisting as Dash also has an open blockchain like Bitcoin, its senders and receivers
can be viewed on-chain and can just like Bitcoin be gathered and and sent to this global monitoring system for 99% of its transactions
(just like Bitcoin there is a very low level of optional privacy enhancement occurring on the Dash network). Dash is even a fork of Bitcoin and has a high level of compatability with Bitcoin code-wise. Its makes very little sense to include Dash, unless the South Korean government was more focussed on label-branded "privacy-centric" cryptocurrencies (only focussing on privacy) and thought that Dash belong to those (it does not).

[qwizzie]

War against Monero & privacy coins, & Dash's new Coinbase listing
https://www.youtube.com/watch?time_continue=3355&v=WxEUO05-aoQ

Interesting comparison between Dash and Monero and they also go into the war on privacy and the delisting of both coins.
It is a pretty fair youtube video review of both cryptoprojects and shows some opinions on where this war on privacy
is leading to, while providing some background info on both projects.

[jdarren]

Does Ciphertrace tech work for privacy coins?

[ene1980]

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.

I am expecting this to be implement around the globe when every government take a grip about the market as they do not want to give their citizens any privacy and they need transparency and with regulations coming up i knew they will force the exchanges to delist all the privacy related coins and they will drive the market underground.
Privacy as a word we will teach the next generation if the government move at this rate.

[btc-facebook]

I think the problem is that it is anonymous, so the government removes the privacy of the coins so that all transactions and information can be seen and accessed,
in my opinion this is legitimate if indeed the Korean government wants to implement it, and for privacy coins there is certainly no opportunity to enter the Korean market.

[qwizzie]

Does Ciphertrace tech work for privacy coins?

That's is indeed to most important question, I think Dash can insure compliance to the FATF travel rule through TRISA. But I'm not so sure about closed blockchains, where sender and receiver are shielded (either optional like zcash or active by default like monero).

They do state :

TRISA enables immediate Travel Rule compliance with minimal impact on transaction flows, all without the need to fork existing blockchains.

I just don't know if those existing blockchains also include closed blockchains / privacy blockchains.

[mcnocon2]

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.

Make sense, that's why Okex Korea delisting this privacy coins and not only OKEX korea are working on this. I've heard a news regarding the same thing, delisting privacy coins in upbit korea. Looks like korea are strict in their law that's why exchange have to comply with this or they will be in a huge trouble.

[imstillthebest]

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.

Make sense, that's why Okex Korea delisting this privacy coins and not only OKEX korea are working on this. I've heard a news regarding the same thing, delisting privacy coins in upbit korea. Looks like korea are strict in their law that's why exchange have to comply with this or they will be in a huge trouble.

now i see , so its all about these kyc thing again . privacy coins are indemand tho because privacy concious people will definetly chose these kind of coins  more over on the common cryptos  which was only partial anonymous  .

 exchanges like okex and others that are doing it will surely experience in a drop of volume but other exchanges that doesnt do a kind of activity like this will possibly be boosted and will increase thier volume especially on to those privacy coins  .

[fortunecrypto]

I think the problem is that it is anonymous, so the government removes the privacy of the coins so that all transactions and information can be seen and accessed,
in my opinion this is legitimate if indeed the Korean government wants to implement it, and for privacy coins there is certainly no opportunity to enter the Korean market.

Korean finds Privacy coins good coins to invest many of them believe in the profitability of this Privacy coins, it's Okex's lost, they will lose volume and customers who are big supporters of these  Privacy coins, just surprising that it's coming from a Korean exchange, I hope they will have a change of policy in the futures.

[rosezionjohn]

While the FATF travel rule is not mandatory or merely recommendations, OKEX and other Korean exchanges are pre-empting the crackdown by Government authorities. They are very strict with the implementation of KYC after all and it will not be a surprise if they will also require exchanges to abide by the FATF travel rules.

[OnceTwiceThird]

greatest altcoin delist from okex is not good information, have anything wrong with this altcoin have to delist from okex? We always check new update information keep away lost our assets.

[alexforneus]

Sad tendency for all privacy funs. Main problem of btc is blockchain explorer in my opinion.
Transparency is good for logistic and other sort of business but not for money transactions

[silverleafy]

Sad tendency for all privacy funs. Main problem of btc is blockchain explorer in my opinion.
Transparency is good for logistic and other sort of business but not for money transactions

If you would like to make such new currency legit, you need to satisfy governments that BTC is transparent and thanks to that they can collect taxes, watch the criminals and so on.

[ashmodeus]

well, its a sad news.
no one more want privacy coins ?
and also another big exchange, such as CEX.io UK and coinbase UK also delist privacy coins.

greatest altcoin delist from okex is not good information, have anything wrong with this altcoin have to delist from okex? We always check new update information keep away lost our assets.

of course something wrong happen , because privacy coin cannot be tracked and government hate that.

[qwizzie]

Let me state this once more :

OKEx Korea is delisting these 5 privacy coins
OKEx is not delisting these 5 privacy coins (if they are indeed all 5 on this exchange, i know Dash is .. margin trading included)

Two different exchanges, two different size of exchanges, two different exchange listings of crypto assets !!
HUGE HUGE HUGE difference.

So please no more talking about OKEx delisting, it is OKEx Korea delisting.

[LuckyBtc]

greatest altcoin delist from okex is not good information, have anything wrong with this altcoin have to delist from okex? We always check new update information keep away lost our assets.

Read the post above mine. I'm afraid big exchange's might do the same, Since privacy coins can't be tracked government officials will make buying or trading these coins difficult. Atomic swaps might be of good use in case there's a wider ban on privacy coins.

[poornamelessme]

I see upbit decided to join the party and delist some privacy coins as well.

I haven't studied privacy coins enough to know the answer to this, so will ask here, but for something like Dash, couldn't the exchange simply disallow deposits on coins that made use of the privacy features? Since privacy is optional and transactions can be looked up on the chain, that'd seem like a decent compromise solution.

I'll guess that won't work with all privacy coins though, especially ones where privacy is automatic or there is no way to look up transactions.

That's also overlooking coin mixing services that already exist for BTC and other coins -- seems like it's more a public relations thing than something that'll matter in the end.

[htsy585]

Seems South Korea is clamping down on privacy coin because of money laundering. I hope this will not be spread to other exchanges because it will not mean well for Monero, dash and cryptocurrency as a whole because it glaringly tells that cryptocurrency has been hijacked by centralised bodies.

[rdewilde]

That's one of the things about centralized exchanges, and the reason Okex targeted this group of cryptocurrencies is that, they don't conform to their bidding. Privacy coins are meant to be used for anonymous activities, anything short than that will only go against the reason why it's created. However, I only see Okex sticking to regulations and this news will have little or no effect on the crypto space.