South Korea’s Upbit Cans all Privacy Coins Following FATF Guidelines • CryptoMode

Slowly but surely, the South Korean cryptocurrency exchanges are removing all privacy-oriented coins. This week alone, two major trading platforms took such a course of action. The latest to do so is Upbit, as it simply complies with the regulations enforced by the South Korean government. An unfavorable rule, but one that needs to be adhered to regardless.

Upbit Brings Down the Hammer

Considering how the South Korean government has taken a harsh stance on privacy coins many months ago, it is a small miracle they can still be traded on some exchanges today. Slowly but surely, that situation is changing, although not necessarily in a way which cryptocurrency enthusiasts will appreciate. That said, there is nothing one can do to change the current regulation, as that is for policymakers to decide. 

Following OKEx Korea earlier this week, Upbit has now begun removing all privacy coins. This is not entirely surprising, as the company had launched an official “investigation” into all of these assets in early September of this year. To ensure the coins would comply with domestic FATF guidelines, further research was required. It now seems that research ultimately forced the company to make this unpopular and rather drastic decision. 

The Same Coins as Always

On the list of coins to be removed are the same assets as every single time this topic comes around. The currencies include Monero, Dash, ZCash, Haven, and PIVX. One interesting addition is Bittube, a currency which isn’t actively traded on too many exchanges at this time. It is a coin not too many people know about, but for some reason, it appears to violate the FATF guidelines at this time.

All of these currencies will remain accessible on the platform until September 30th. Afterward, all transaction support for these altcoins and assets will be removed entirely. This also seems to confirm users have a very brief window of opportunity to withdraw their funds from the exchange as well. This also seems…

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