OKEx’s Korean unit is delisting five privacy coins, including monero, dash, and super bitcoin, citing “violations” to the Financial Action Task Force (FATF’s) “travel rule.”
According to The Block, transaction support for the five cryptos will end on October 10, while withdrawal services are slated to stop on December 10.
The decision to pull the cryptos is due to the FATF’s much-debated “travel rule (PDF).” The rule requires exchanges to include “required and accurate originator information, and required beneficiary information, on wire transfers and related messages.” The required information here being the originator’s name, account number, and physical location, as well as the beneficiary’s name and account number.
Since privacy coins don’t allow these to be gathered, OKEx deemed them in violation and have thus decided to drop support.
This, however, only applies to OKEx South Korea:
An OKEx spokesperson told The Block that the decision applies only for its Korea unit and not globally. This likely indicates that the Korean government has asked cryptocurrency exchanges to implement the FATF’s guidelines.
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