The Korean platform OKEx reveals the delisting of all privacy coins (Privacy Coins).

The deletion that the Korean platform OKEx will do is related to five privacy coins, which are the following:

• Monero XMR
• DASH
• Zadcash ZEC
• HORIZON ZEN
• Super Bitcoin SBTC

The date for the end of its support and its removal from circulation will begin on October 10, and the withdrawal will stop permanently on December 10, according to to announce Platform.

The platform’s announcement stated that OKEx will delete cryptocurrencies because they violate government laws and regulations, in addition to a number of other reasons.

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Given the real reasons for the deletion, it is due to the platform’s fear of the proposals and regulations proposed by the FATF.

The FATF is an endorsed agency of global governments whose recommendations are followed by nearly 200 countries around the world, including the G-20.

The FATF has given its members until June 2020 to implement the new recommendations

Although it is not mandatory, many countries avoid being blacklisted by the agency effectively cutting off access to the global financial system.

The OKEx platform wants to stay in the market and carry out its trading activity in accordance with the stipulated regulations.

And what is recommended by the FATF is to teach transfers between the sender and receiver on the trading platforms, which means an explicit conflict with the principle of the work of private currencies that hide identity and protect the privacy of users.

Where the FATF met last June and issued its guidance on working with cryptocurrencies and the need to teach exchange operations by showing and showing the names of dealers and their account numbers.

This means that there is a restriction of trading platforms on the part of the regulatory bodies, which are also pressing on the signs of launching the new Libra currency from Facebook.

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Not only OKEx is in the process of deleting Zcash, but Coinbase in the UK has done the same:

Tweet embed Tweet embed Tweet embed What’s going on with Zcash in the UK? pic.twitter.com/6GWS9CuIoH

– Alex (heskavich) August 8, 2019

It is possible that the OKEx platform with its new decision will only affect its platform and not affect its global users.

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Whereas, the decision to remove privacy coins from the OKEx platform came after the Korean government’s request to implement the guidelines of the FATF.

The FATF, as mentioned above, prohibits cryptocurrencies because they are incompatible with the principle of KYC and also seeks to prevent money laundering.

But many people turn to methods other than exchanges to launder money.

It seems that OKEx’s decision to ban private currencies will spread and be adopted by some other trading platforms, if not most of them, as it seeks in its entirety to win the approval of regulations and comply with government laws.

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