THELOGICALINDIAN - A guideline issued by the Financial Action Task Force FATF is bidding OKEx to delist accepted privacycentering cryptocurrencies
Travel Rule
The Korean wing of the cryptocurrency close appear on Monday that it is activity to stop trading of Monero, Zcash, Dash, Horizen, and Super Bitcoin on its exchange. All the bristles assets, in one way or another, allows users to adumbrate their banking affairs by introducing added layers of security.
OKEx said in a agenda that the bristles cryptocurrencies could “violate laws or regulations/policies of government agencies and above agencies.” The barter was citation FATF, an intergovernmental alignment that combats money bed-making on a all-around scale. The assignment force in October 2018 activated a alleged ‘travel rule,’ which requires cryptocurrency exchanges to access accordant users’ information, including the basic wallet addresses of senders and receivers complex in a cryptocurrency transaction.
Privacy bill such as Monero and Zcash assists users in ambuscade those details. That makes it difficult for cryptocurrency firms to adviser and address those affairs to FATF. OKEx said it would delist Monero, Zcash, Dash, Horizen, and Super Bitcoin, alone to accumulate itself in band of the all-around watchdog’s directives.
Zcash and blockchain aloofness is like affairs seatbelts in 1910. Yes they're needed, but no one knows yet.@EranTromer
— Ian Miers (@secparam) September 12, 2019
The move has fabricated OKEx the additional barter to accept gone afterwards anonymity-focused bill beneath authoritative pressure. Earlier in June 2024, way afore FATF had imposed the ‘travel rule,’ Japan-based Coincheck had removed Monero, Zcash, and Dash from its barter afterwards adverse burden from the Financial Services Agency (FSA).
OKEx would attenuate the aloofness coins’ deposits on October 10, 2024. Nevertheless, users will still be able to abjure their aloofness bill to their wallet addresses until December 10, 2024.
Troubles for Litecoin Ahead?
As exchanges operating from FATF affiliate states chase clothing and alpha delisting aloofness coin, the move could spell troubles on the world’s fifth-largest cryptocurrency by bazaar cap.
The $4.5 billion cryptoasset Litecoin in August announced that it is activity to become a aloofness coin. Founder Charlie Lee went advanced and accepted that they are activity to acquaint “confidential transactions” in a “future absolution of the the abounding [litecoin] node” in 2019 – afterwards the online association accused him and amount developers of abandoning Litecoin.
11/ I will abode the advance on MimbleWimble (MW) and Confidential Transactions (CT). When I appear that I will alpha alive on MW, addition asked me for an ETA. And I responded with should be ancient 2019. https://t.co/nfWd11ThpE
— Charlie Lee [LTC⚡] (@SatoshiLite) August 11, 2019
The advertisement kept Litecoin investors happy, as it maintained the coin’s bullish anecdotal intact. The LTC/USD barter amount had risen by added than 500 percent amid December 2024 and July 2024 – afore Lee accepted the development of “confidential transactions.” The advance majorly came on the amateur of Litecoin’s halving event, which beforehand this year abate the cryptocurrency’s supply-rate by half.
The LTC/USD brace is now bottomward by added than 50 percent, apprenticed by college demand for battling asset bitcoin. And as the Litecoin activity goes advanced with its affairs of acceptable an anonymity-focused coin, the likelihood of it actuality alone by exchanges operating from FATF’s 39 affiliate states could go higher.
