The cryptocurrency industry is always evolving in one way or another. Privacy coins have become very problematic in some Asian countries, with South Korea being the main point of focus. Contrary to an earlier decision, OKEx Korea will not remove all privacy coins just yet. Two coins are still in the good graces, for the time being.
OKEx Korea is on the Fence
A few weeks ago, OKEx Korea -together with a few other South Korean trading platforms – announced they would remove all privacy coins. This is in line with the guidelines introduced by the Financial Action Task Force, or FATF. They see a big problem where these currencies are concerned. Not only may they be more suitable for money laundering, but they could also facilitate a slew of other criminal activities. Cryptocurrencies and crime tend to go hand-in-hand on a regular basis, after all.
Five currencies were supposed to be removed from the platform this month. That list includes Monero, Horizen, Super Bitcoin, ZCash, and Dash. Although some of these choices might make sense, it now seems OKEx Korea has second thoughts about ZCash and Dash. These currencies have often been referred to as “having optional privacy” compared to the likes of Monero. That feature might very well be the saving grace of both currencies, at least where this exchange is concerned.
What About the Rest?
For the likes of Monero and Super Bitcoin, it seems there is no recourse possible at this time. They will still be shunned by South Korean regulators and trading service providers for quite some time to come. There is a big difference between privacy coins and anonymous coins, however, It seems ZCash and Dash are not “private enough” to pose a genuine threat at this time. If OKEx Korea plans to go ahead with this decision to not delist those coins, a very interesting precedent will be created accordingly.
It is a bit unfortunate to see the other three currencies being hammered on because they provide something their community members actually benefit from. At the same time, it is not surprising to learn that governments and regulators do not like those aspects in the slightest. For now, everyone has to wait and see what happens to OKEx Korea after their compliance review. How long that review will take exactly, remains unclear at this time. That process may take days, or even weeks.
ZCash Needs Some Love
Regardless of how one feels about either Dash or ZCash, it is evident the latter currency struggles as of late. It has been removed from numerous exchanges including Coinbase UK and Bithumb. That goes to show these privacy coins pose a real threat in the eyes of some, whereas most people who effectively use these currencies are quite happy with the way they perform. That opposite look on these currencies will always continue to persist, unfortunately.