Upbit Exchange Ceased Support for Privacy Coins Due to Regulatory Issues

By Katelyn James | September 22, 2019

Upbit – South Korea-based crypto exchange firm – recently announced that it would no longer provide trading facilitation for 6 digital coins, including numerous “privacy coins”.

Disclosed in a post on September 20, Upbit announced that the firm will take a total of 6 crypto coins off its trading list, and terminate all services offering. These coins include Monero (XMR), DASH, ZCash (ZEC), Haven (XHV), BitTube (TUBE) and PIVX. The update will be live by September 30.

The firm further noted that deposits using these cryptocurrencies will not be considered eligible. Upbit will also not accept any orders made before the end of the transaction support in Korean won, Bitcoin (BTC), Ether (ETH) and USDT markets.

Upbit has provided explanation for this initiative, being that this is an attempt from the firm to prevent money laundering activities from happening, as well as the inflow from external networks. 

This announced was made public not long after OKEx – the South Korean branch of the OKEx Korea – ceased to offer services for 5 major altcoins  because of new global legislations. 

OKEx Korea announced that it would temporarily hold off trading for  Monero, Dash, Zcash, Horizen (ZEN) and Super Bitcoin (SBTC), with reasons being the inability of the coins to follow privacy guidelines, as issued by the Financial Action Task Force, or FATF.

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