The South Korean arm of cryptocurrency exchange OKEx is removing support for five major altcoins due to new international regulations.
FATF rules halt privacy coins trading
According to crypto news outlet The Block on Sept. 16, OKEx’s Korea unit will halt trading of Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on Oct. 10.
The reason, says the exchange, is that as since they are focused on privacy, the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force, or FATF.
As CryptoX reported, the sweeping changes to crypto transaction rules demand businesses to identify the two parties sending funds to each other if a transaction is worth more than around $1,000.
More exchanges could follow
More than 200 countries should theoretically implement the rules by June 2020, despite concerns that doing so is physically impossible for many decentralized blockchains.
The five cryptocurrencies outlined by OKEx all make it all but impossible to identify the sender and recipient of a transaction by design.
It remains unclear whether the exchange will apply the restrictions globally. CryptoX has reached out to OKEx for comment but did not receive a reply by press time.
