OKEx, the South Korean cryptocurrency exchange, has halted the delisting decision of two privacy coins Zcash and Dash as of now. The exchange announced on Thursday that it would be reconsidering its delisting decision and, thus, has put the case under review.
A few weeks ago, due to some regulatory pressures from FATF (Financial Action Task Force), OKEx Korea, along with some other South Korean Trading Platforms, made the official announcement to remove all privacy coins. Privacy coins are being linked to illicit activities, which are the main causes of concern. Therefore, five privacy coins were supposed to be delisted this month, including Zcash, Dash, Horizen, Monero, and Super Bitcoin, following FATF’s controversial “travel rule” for crypto asset providers. The rule set out guidelines on how the national regulators must oversee the crypto industry. The regulators must be able to track relevant information about the names and addresses of the recipients and senders who transact with these virtual currencies.
Following the FATF’s recommendations to drop privacy coins, Coinbase dropped Zcash from the UK in early August this year. The South Korean exchange Upbit also dropped Zcash.
However, OKEx is having alternative opinions for Dash and Zcash, as of now, and has kept the delisting decisions on hold for these two privacy coins. In support of this decision for reconsidering the delisting of Zcash and Dash, Josh Swihart, the co-founder of Zcash, commented,
Zcash is entirely compatible with all FATF recommendations including the travel rule. We’ve been working with OKEx and others in S. Korea and happy to hear that OKEx has decided to take additional time to further evaluate Zcash support based on newly available compliance information.