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Another Major Asian Exchange Delists Privacy Coins

Tim Alper
Last updated: | 1 min read

Major South Korean exchange platform Korbit has today discontinued sales in five cryptocurrencies, as the country’s exchanges attempt to restore public faith in their services.

Source: iStock/bunhill

The so-called “anonymous” Zcash, Monero and Dash coins were delisted, in addition to the Augur and Steem cryptocurrencies. The move was reminiscent of a similar decision last week by Japan’s Coincheck, which announced it would remove Augur, Zcash, Monero and Dash from its own platform.

Korbit, which will allow customers to sell any of their remaining holdings in the five cryptocurrencies until June 21, has left the door open for re-listing at a further date, stating, “We have yet to determine a date for the resumption of trade in the affected coins. We advise customers to protect their interests by either selling or withdrawing the said cryptocurrencies.”

In Japan’s case, the regulatory Financial Services Agency is urging licensed exchanges to de-list any coin that offers “anonymity,” as it believes such tokens can be used to launder money or fund terrorist groups. The FSA is thought to be prepared to introduce formal guidelines if exchanges fail to comply.

Although the South Korean government is yet to introduce an official licensing system through its own financial regulator, Korbit’s decision may come as part of industry-wide self-regulatory efforts. Public confidence in exchanges has been badly shaken in the wake of Bithumb’s controversial plans to list the Popchain token, and charges of financial irregularities leveled at Upbit.