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.
The South Korean branch of @OKEx has announced it will be delisting privacy coins including @Dashpay and #SuperBitcoin in October to ensure compliance with local regulations and official recommendations 👉https://t.co/pK9O7BmYk6#Asiablockchainreview #ABR #blockchain #OKEx #Dash — Asia Blockchain Review (@abr_blockchain) September 21, 2019
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.
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.