With the newly-released guidance from the Financial Action Task Force (FATF), many crypto exchanges are forced to ramp up their operations. The most recent to do so is OKEx’s crypto subsidiary in South Korea. According to reports, the exchange has removed trading support for XMR (Monero), DASH (Dash), SBTC (Super Bitcoin), ZEN (Horizen), and ZEC (Zcash).
According to OKEx Korea’s official blog post, the decision to withdraw support for the altcoins mentioned above reflects the exchange’s efforts of complying with the new international regulations. Notably, OKEx has its focus on privacy, and most of the coins listed on the exchange would be affected by the new rules. Before becoming a hot target of the intergovernmental organization, OKEx had taken pre-emptive measures and announced that the trading halt would take into effect on October 10.
Previously, Coinmod recounted that the FATF’s new guidance requires businesses to do massive changes. Crypto exchanges are expected to identify the identities of the involved parties in transactions that involve over $1000.
OKEx is not the only one to delist
The FATF expects full implementation of the new guidelines from over 200 nations by June 2020. However, most decentralized Blockchains argue that it is physically impossible for them to do so.
The people trying to understand Bitcoin are not consulting with anyone who actually understands it and who can put it into a proper context. Bitcoin is not a bank. It is not SWIFT. It is not money. It is just a database. When you accept this, the above image looks totally absurd.— Beautyon (@Beautyon_) May 28, 2019
The design of XMR, DASH, SBTC, ZEN, and ZEC makes it impossible for these major altcoins to identify the parties involved in the transactions. Meanwhile, a representative from OKEx confirmed that the altcoins would only be removed on OKEx.co.kr and not on their global platform.