In a blog post published last week, OKex said the decision had been made to comply with recent provisions from the Financial Action Task Force, a global anti-money laundering watchdog. Earlier this year, the agency introduced a “travel rule” requiring exchanges to collect customers’ personal and transactional data. Privacy coins, writes OKex, mask this data.
Experience Web 3.0.
Be the first to get Decrypt Members. A new type of account built on blockchain.Early access
The news follows a spate of delistings and restrictive provisions on other exchanges. Earlier this year, Binance and decentralized exchange Bancor shut off US customers, citing a lack of regulatory clarity, while Bittrex delisted 30 altcoins.
According to The Block, OKEx will only delist the tokens from its Korean unit, implying that “the Korean government has asked cryptocurrency exchanges to implement the FATF’s guideline.”
Transactions will be halted on October 10, and withdrawals will be stopped on December 10.