OKEx Korea Removes Support for 5 Major Crypto Citing FATF Rules

The South Korean arm of digital currency exchange OKEx is expelling support for five major altcoins because of new global guidelines. 

In a blog entry initially published on September 10, OKEx Korea affirmed it would end trading of Monero (XMR), Zcash (ZEC), Dash (DASH), Horizen (ZEN) and Super Bitcoin (SBTC) on October 10.

The reason, said the exchange, is that as since they are centered around privacy, the coins fall foul of new rules set out by the intergovernmental body, the Financial Action Task Force, or FATF.

“Support for trading of 5 different cryptocurrencies, XMR, DASH, ZEC, ZEN, SBTC, will be terminated,” the blog entry peruses.

As previously revealed, the significant developments to crypto transaction standards request companies to distinguish the two parties sending funds to one another if an exchange is worth over $1,000.

Over 200 nations ought to hypothetically execute the guidelines by June 2020, in spite of worries that doing so is physically unimaginable for most decentralized blockchains.

The five digital currencies delineated by OKEx all make it except challenging to distinguish the sender and beneficiary of a transaction by structure.

An OKEx representative revealed that the coins would be delisted uniquely on OKEx.co.kr. But they will stay listed on the worldwide OKEx platform.