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OKEx, Korea was forced to lay off privacymunten of the trade fair, Monero, Zcash and Dash

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The OKEx-exchange removes all the privacymunten of its stock market in Korea: including the Monero (XRM), Zcash (ZEC) and the Dash (the DASH). As of October 10, to stop the trade. By december 10, it will not be possible to take the credit on the record, so the exhibition is known.
Another hit cryptomunten his Horizen (S), and the Super Bitcoin (SBTC).

OKEx Korea does Monero, Zcash and Dash

What is the reason? Specifically, this concerns the violation of the “travel rule,” which is the Financial Action Task Force (FATF) requires that exchange marts.
This is a global organization in the fight against money laundering in June its recommendations for the regulation of bitcoin and other cryptovaluta is complete. The netherlands has also been a member of this organization.
One of the contentious requirements is that of “virtual assets, the service providers” (VASP’s), including the cryptobeurzen information about their customers to each other to pass upon the transactions between the group companies.
It shall be in the English cryptocommunity a lot of resistance to the new approach directives. Rather, it is sounding the alarm already, the sound coming from the manufacturing industry. How far are the recommendations? Well, it is pretty far away.
What, for example, a cryptobeurs will keep track of when a transaction occurs on the platform?
The name of the computer that sells
The wallet address and the account number of the customer
The physical address of the customer. A social security number may also be
The name of the purchaser,
Here, too, is expected to be the wallet, the address and the account number of the customer is to be stored

OKEx, Korea

The “travel” rule which means that in exchange for their klantendata collection and the transaction and transmit it to the authorities.
According to the OKEx ” is the privacycoins is not possible to meet this requirement. At the moment there is no software available to access the secure transaction message.
For now, this is a decision solely for the Korean market taken globally, according to a spokesman in front of The Block of Crypto.
The assumption is that the south Korean government’s exchange has asked the FATF standards going to make.

Coinbase, UK

It is very probable that the British government is actively involved in the implementation of the FATF standards.
Last month was the exchange is well known that the Zcash and the Dash is going to cancel her show.
Also, Coinbase in the United Kingdom have decided not to Zcash to be under pressure from the authorities.

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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.