One of the leading crypto exchanges in the world, OKEx, had decided to delist particular crypto coins that would have made it challenging for them to comply with FATF new guidelines. The exchange had announced to stop trading of these crypto coins from 10th October onwards and stop withdrawal services from 10th December. But in an update the exchange has decided to review the delisting of these two privacy coins.
According to the latest FATF guidelines, it is necessary for crypto exchanges to collect and disclose information regarding transactions above a specific limit. These privacy-centric coins would make it challenging for crypto exchanges to comply with that guideline of FATF.
OKEx was not the only exchange that has announced to delist privacy coins such as Dash and Zcash. Another South Korean based exchange Upbit had also decided to cease support of 6 privacy coins. However, Ryan Taylor, CEO of Dash Core Group, and many others have said that these privacy coins can totally comply with new FATF’s guidelines. Ryan said that it was irrational for regulators to assess Dash differently than Bitcoin.
If OKEx decides to continue to support these privacy coins, other exchanges might also follow their lead and allow trading of these coins.