September 18, 2019 by Océane
Under pressure from FATF, the financial action task force fight against money laundering and the financing of terrorism , OKEX Korea, branch of south Korean crypto-stock exchange OKEx, would have finally decided not to propose a crypto-currency based on anonymity.
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Five tokens major will be banned from the platform
The FATF has detected inconsistencies between the principles of the fight against the laundering of money, and those governing the practices of crypto-exchanges. Thus, it has issued new measures urging the platforms of crypto-trading to no longer rate the crypto-currencies focused on privacy.
Now, these platforms will be forced to communicate relevant information regarding transactions to the competent authorities, namely : the name and address of the sender and the recipient of the funds.
Because of this, crypto-currencies the following, namely, the Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC), will be banned from OKEx Korea , although they remain available on OKEX. This measure will take effect from this October 10.
The rules of the FATF, a serious threat to the altcoins
Even if the introduction of this new rule is favorable to carry out the tasks of the FATF, it could be detrimental to the crypto-monnais advocating privacy.
OKEx, indeed, would be the second crypto-local stock exchange to remove these altcoins to the list of crypto-currencies that it supports.
And yet, South Korea is not the only country to apply such a measure. In fact, over 200 countries will be affected by the regulation by 2020.
It would therefore not be very surprising to see the sites of exchange of crypto-currencies and settle in other countries to complete their transactions.
Do you think that the other sites on crypto-trade will follow the example of South Korea ? Let us know your thoughts in the comment section below.
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