Crypto Exchange Coincheck To Delist Four Privacy Coins

Japanese cryptocurrency exchange Coincheck will be removing four privacy-centric cryptocurrencies form its platform next month. These include Monero (XMR), ZCash (ZEC), Dash (DASH) and Augur (REP).

In a blog post, the exchange said it will remove the four cryptocurrencies, which are designed to grant transaction anonymity, to comply with counter-terrorist financing (CFT) and anti-money laundering (AML) measures recently issued by Japan’s Financial Services Agency (FSA). Traders have until June 18 to withdraw their privacy coins. Coins that are not withdrawn will be sold at market price and converted into Japanese yen.

“It is necessary [for us] to further develop and strengthen the management system of AML / CFT [Anti-Money Laundering/ Counter-Terrorist Financing] in the future,” Coincheck said.

Following a high-profile January hack that saw the platform lose over $400 million in XEM tokens, Coincheck was twice ordered to improve its operations by the FSA. The regulator demanded an overhaul of the exchange’s operations and clarification of management responsibility. The exchange has now been acquired by brokerage firm Monex Group.

Earlier this month, the FSA set new rules for the registration of cryptocurrency exchanges. It aims to promote compliance and protect customer assets as well as “forestall another digital currency heist like the Coincheck scandal.” As part of its efforts, the FSA stated that registered crypto exchanges will face restrictions on the trading of privacy coins because they are more difficult to trace.

Source: Read Full Article

Leave a Reply