Tuesday, October 27, 2020

UpBit to Delist Five Altcoins Due to Money Laundering Concerns

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South Korean crypto exchange UpBit has decided to delist six digital currencies which include popular privacy-focused cryptos like Monero and Zcash.

Announced on Friday, the exchange will end market trading support for Monero, Zcash, Dash, Haven, BitTube, and PIVX by September 30.

“These Crypto-Assets will cease trading support at 2019.09.30 11:00 within 10 days of publication on this bulletin, in accordance with the Upbit Crypto-Asset end of support policy,” the exchange noted.

It has also canceled deposits with all the mentioned cryptocurrencies and detailed that all the pending orders amid the termination of the transaction support will be canceled in all the markets.

Privacy coins under the scanner?

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As for the reason behind this move, the exchange cited the possibility of money laundering using these crypto assets because of their anonymity features.

“The decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks. Upbit will continue to consider crypto-asset that represent anonymity functions as candidates for designation of investment warning crypto-asset,” the South Korean exchange noted.

In total the exchange will be closing 12 trading markets – three markets each for Monero, Dash, and Zcash against Bitcoin, Ethereum, and Tether and one market each for the rest of the three coins.

The exchange also detailed that traders on the platform will get a month after the end of trading support with the coins to withdraw all deposits in them

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“Even if the support of the crypto-asset ends, it will support withdrawal for 30 days (~ 2019.10.19) from the end of the transaction support notification,” UpBit stated.

UpBit’s decision came only days after another crypto exchange, OKEx, decided to halt trading with five altcoins including Monero, Dash, and Zcash due to new international regulations.

Meanwhile, US-based crypto exchange Coinbase recently listed Dash on its retail trading platform.

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