OKEx Korea delisting all privacy coins

[Utopia_Ecosystem]

OKEx Korea delisting all privacy coins, including Monero, Zcash and Dash, as these ‘violate’ FATF’s 'travel rule'

Cryptocurrency exchange OKEx’s Korea unit is delisting all five privacy coins - monero (XMR), dash (DASH), zcash (ZEC), horizen (ZEN) and super bitcoin (SBTC).

The transaction support for the five coins will end on Oct. 10, while withdrawal services will stop on Dec. 10, OKEx Korea announced Monday. The exchange said the decision has been taken as these coins “violate” the Financial Action Task Force (FATF’s) "travel rule."

I've heard the same about Upbit, Kraken and the number of other exchanges. So please HELP! What should I choose in order to feel safe??

[1714321665]

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[1714321665]

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[NeuroticFish]

OKEx Korea delisting all privacy coins, including Monero, Zcash and Dash, as these ‘violate’ FATF’s 'travel rule'

Cryptocurrency exchange OKEx’s Korea unit is delisting all five privacy coins - monero (XMR), dash (DASH), zcash (ZEC), horizen (ZEN) and super bitcoin (SBTC).

The transaction support for the five coins will end on Oct. 10, while withdrawal services will stop on Dec. 10, OKEx Korea announced Monday. The exchange said the decision has been taken as these coins “violate” the Financial Action Task Force (FATF’s) "travel rule."

I've heard the same about Upbit, Kraken and the number of other exchanges. So please HELP! What should I choose in order to feel safe??

It took me some time to find the news you should have been linking. It's from 2019.
Do you have anything new on the topic? Do you actually trade those coins? Do you actually trade on that exchange (because if you do you should know it was renamed)? ...Are you human or bot?

[stompix]

It took me some time to find the news you should have been linking. It's from 2019.

Are they still operating in South Korea?
I get an error while going directly to their subdomain (although this might be IP based, I don't have a SK IP for my VPN) and I found this article from last year:

OKEx to shut its crypto exchange in Korea as new AML laws take effect
https://forkast.news/okex-korean-aml-crypto-exchange/

So please HELP! What should I choose in order to feel safe??

Lol, do you know the name of this forum? It's BITCOINtalk, isn't the answer obvious? Do I have it to type it bold and blue?

[noorman0]

-snip-
So please HELP! What should I choose in order to feel safe??

I think all exchanges under Korean regulation will do the same. Do you mean "safe" is want to keep trading with those coins? If yes, then just use global exchanges that doesn't only serve users from specific countries (if your regulations allow it). But you also mean that you will not be able to legally sue the risk of involvement with those coins.

[livingfree]

This was an old news.

However, this has to be expected for some other exchanges whether they're from South Korea or any place where FATF could take a glance of its power to dictate that all privacy coins should be delisted on that exchange.

I've heard the same about Upbit, Kraken and the number of other exchanges. So please HELP! What should I choose in order to feel safe??

If you have privacy coins, put it on a hardware wallet.

[Bitcoin_Arena]

So please HELP! What should I choose in order to feel safe??

Why bother using OKX yet there are very many p2p exchange that can let you buy or sell privacy coins like Monero

1. https://localmonero.co
2. https://bisq.network
3. https://exch.cx
4. https://agoradesk.com
5. Kilos swap ----> http://mlyusr6htlxsyc7t2f4z53wdxh3win7q3qpxcrbam6jf3dmua7tnzuyd.onion/coinswap
6. Infinity Exchanger ----> https://exchanger.infinity.taxi

[iamverybusyperson]

The software like the Crypton Exchange from the Utopia p2p is undeniable. This platform provides services with absolutely no KYC. Hence making every sale, purchase, withdrawal, or exchange private.

[Sethrey]

Lol, do you know the name of this forum? It's BITCOINtalk, isn't the answer obvious? Do I have it to type it bold and blue?

You're joking or what? The topic is about the exchanges and privacy coins and Bitcoin is NOT a privacy coin. Ofc I have some bitcoin also and waiting for its growth now. So there's no panic around it. But I'm worried about my privacy coins and services I can use.

[iamverybusyperson]

Lol, do you know the name of this forum? It's BITCOINtalk, isn't the answer obvious? Do I have it to type it bold and blue?

You're joking or what? The topic is about the exchanges and privacy coins and Bitcoin is NOT a privacy coin. Ofc I have some bitcoin also and waiting for its growth now. So there's no panic around it. But I'm worried about my privacy coins and services I can use.

You're absolutely right, but Bitcoin can also be traded anonymously. Have you heard anything about Crypton Exchange?

[Sethrey]

Yes, you've already mentioned it. But the only thing I don't like there is too few listed coins. If they will add more - I will definitely use it for all my needs. For now, it's more convenient to use something else to do all the operations in one place.

[o48o]

The exchange said the decision has been taken as these coins “violate” the Financial Action Task Force (FATF’s) "travel rule."

I've heard the same about Upbit, Kraken and the number of other exchanges. So please HELP! What should I choose in order to feel safe??

I've been talking about this for a while and for some reason people haven't taken seriously the possibility that it will happen. Everyone will have to prove the history of where their money came from.

This isn't happening only in Korea. It will happen in US and EU too as FATF hq is in France and the fact that they get korean exchanges obeying them says a lot. Origin of wealth will neeed to be auditable in the future and it's already started.

[carlfebz2]

The exchange said the decision has been taken as these coins “violate” the Financial Action Task Force (FATF’s) "travel rule."

I've heard the same about Upbit, Kraken and the number of other exchanges. So please HELP! What should I choose in order to feel safe??

I've been talking about this for a while and for some reason people haven't taken seriously the possibility that it will happen. Everyone will have to prove the history of where their money came from.

This isn't happening only in Korea. It will happen in US and EU too as FATF hq is in France and the fact that they get korean exchanges obeying them says a lot. Origin of wealth will neeed to be auditable in the future and it's already started.

Some had been anticipated but there are people who arent ready for this or simply get shocked on whats happening around but its true that its not really surprising that regulation or laws would become more stricter

as the years passing by specially on crypto space.You could really expect that government doesnt really like nor want on something which cant be traced up this is why its not surprising that they would really be
getting rid of these things via strict regulations and compliances into those platforms whom do accepts it.

Not needed to mention up further more on whats stated by some members about places or platforms which you could actually deal with these privacy coins.

[Sethrey]

Of course, decentralized projects come with their own tradeoffs: they can be slower to develop and interact with. But Decentralisation is the best solution to handle emergency situations—such as declin­ing sales, cutting costs, using resources productively, pushing a competitor to the wall, handle policy changes of government etc.

Most important of all, DeFi could foster the application of blockchain in the financial services sector. With the value benefits of transparency, immutability, and decentralization, DeFi space still has to encounter obstacles like scalability.

[Jawhead999]

Most important of all, DeFi could foster the application of blockchain in the financial services sector. With the value benefits of transparency, immutability, and decentralization, DeFi space still has to encounter obstacles like scalability.

Don't forget there's many problem where DEFI got hacked until now, how can a true decentralization could be hacked? Bitcoin is a true decentralized currency but until now no one can hack Bitcoin. This mean DEFI is actually CEFI or centralized finance since they're store their coins on centralized wallet aka hot wallet. Many developer just add the word of "decentralized" in order to attract stupid people or newbie to invest into their shitcoin.

[o48o]

Most important of all, DeFi could foster the application of blockchain in the financial services sector. With the value benefits of transparency, immutability, and decentralization, DeFi space still has to encounter obstacles like scalability.

Financial sector would need would need decentralization yes, but full transparency with open ledger not so much. Transactions needs to be private in layer one in order to prevent front running for example, but they need auditability too. So auditability with confidential transactions. Immutability too is a double-edged sword as transactions of security tokens for example needs to be somehow reversable.

[cryptoaddictchie]

Of course, decentralized projects come with their own tradeoffs: they can be slower to develop and interact with. But Decentralisation is the best solution to handle emergency situations—such as declin­ing sales, cutting costs, using resources productively, pushing a competitor to the wall, handle policy changes of government etc.

Some will like thay since there is still concistency on the development. Regarding profits, probably some of these defi are into scaling solution wherein they can produce it in a minimal way, since they are the operators. Cause sometime if there is no security on their platform, thats how the potential breach or any kind of hack or system penetration could occur even its a defi. Hackers are quite smart nowdays.

[Oilacris]

Of course, decentralized projects come with their own tradeoffs: they can be slower to develop and interact with. But Decentralisation is the best solution to handle emergency situations—such as declin­ing sales, cutting costs, using resources productively, pushing a competitor to the wall, handle policy changes of government etc.

Some will like thay since there is still concistency on the development. Regarding profits, probably some of these defi are into scaling solution wherein they can produce it in a minimal way, since they are the operators. Cause sometime if there is no security on their platform, thats how the potential breach or any kind of hack or system penetration could occur even its a defi. Hackers are quite smart nowdays.

Not quiet but rather they are really indeed smart yet they are really just looking for some holes and it wont matter if its DEX or CEX as long they could really be able to penetrate

and stole millions of dollars which is really that their main target.In talks about CEX having that delisting all privacy coins then it isnt really something surprising specially on a platform which is

heavily centralized where its really normal for government to imply out laws and regulations which do really exempt anonymous or privacy coins totally on being listed on a platform.
Platforms had nothing to do or able to avoid these circumstances as long they do get in line with government laws.

[iamverybusyperson]

If no one knows who created a particular platform, app or space, it is difficult to influence either the developers or the users. Therefore, creators of independent sites remain anonymous to avoid external influence, like Utopia p2p ecosystem.

[bittraffic]

If no one knows who created a particular platform, app or space, it is difficult to influence either the developers or the users. Therefore, creators of independent sites remain anonymous to avoid external influence, like Utopia p2p ecosystem.

While it's an advantage, it can also be a disadvantage for chasing anonymous developers is also difficult to do when they have finally done scamming. The majority of the people here for sure likes privacy and once in their trading journey probably have dived into Anon coin where they eventually have not gone up even in the bull market.

OP seems to be deceiving readers. The news wasn't even news anymore.

[Sethrey]

While it's an advantage, it can also be a disadvantage for chasing anonymous developers is also difficult to do when they have finally done scamming. The majority of the people here for sure likes privacy and once in their trading journey probably have dived into Anon coin where they eventually have not gone up even in the bull market.

OP seems to be deceiving readers. The news wasn't even news anymore.

At first, when the project is alive for 5 years already and it's developing everyday and there were 0 cases of scam, I think it can be worth trying. And regarding the news, it was mentioned all over the crypto websites recently. I think it was just a final step from their side.