South Korean Upbit will withdraw from trading anonymous cryptocurrencies

The leading South Korean bitcoin exchange Upbit has announced the delisting of six cryptocurrency users focused on anonymity. These included Monero (XMR), DASH, ZCash (ZEC), Haven (XHV), BitTube (TUBE) and PIVX.

According to a message on the platform’s website, support for these cryptocurrencies will be discontinued from Monday, September 30. Until this date, the exchange will cease to accept deposits in these assets, all open orders in pairs with BTC, ETH and USDT will also be canceled.

As representatives of Upbit explain, this decision is caused by fears that all these coins can be used for money laundering. Also, the exchange will carefully examine other assets represented on it for the presence of “anonymous” properties.

Earlier in September , the Korean division of the OKEx exchange made a similar decision – from October 10, support for Monero, ZCash, DASH, Horizen and Super Bitcoin will be discontinued on this platform.

According to representatives of the exchange, anonymous cryptocurrencies will not allow to comply with the requirements of the Financial Anti-Money Laundering Measures Development Group (FATF), which obliged the Bitcoin exchange and other cryptocurrency service providers (VASPs) to follow AML and CFT procedures similar to traditional financial companies.

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