OKEx Delisted 5 Privacy Coins
OKEx to be Delisting Five Privacy Coins
September 21, 2019
OKEx Delisted 5 Privacy Coins
OKEx to be Delisting Five Privacy Coins
September 21, 2019

OKEx, the South Korean branch of a cryptocurrency exchange has indicated that it will be delisting five privacy coins next month, due to obvious violations of regulatory laws.

It has been reported that according to CryptoNews, OKEx Korea will no longer support Monero, Dash, ZCash, Horizen and Super Bitcoin from October 10 onward to avoid legal issues.

A statement declared by an OKEx Korea Spokesperson and published by Bridge Kyungjae explained that Monero, Dash, ZCash, Horizen and Super Bitcoin do not obey applicable laws and rules in South Korea. It also acclaimed that the country’s Financial Action Task Force (FATF) had suggested the move to maintain compliance with the Travel Rule, a regulation that compels exchanges to share the data of token senders and receivers.

However, the statement did not show that the FATF had precisely named the five privacy coins, but said OKEx was taking its own steps to make sure that it was enduring by the Travel Rule and the task force’s recommendations.

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Number of Delisted Coins in South Korea Growing

So far, OKEx Korea has delisted 16 different coins this year. Among those removed from the exchange have been AirSwap and Digibyte, which were delisted following internal appraisals by the platform and were not connected to any external pressure.

The most recent announcement from OKEx Korea resembles a similar move that was taken by Huobi Korea, which just last week conducted its first-ever round of delistings citing better synchronicity with other South Korean exchanges and that resulted in the expulsion of Bithumb, Coinone, Korbit, and Upbit

However, the growing number of delisted coins has led to some warnings of a “coin clear-out” in South Korea.


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.