Upbit Delists Privacy Coins, Citing Money Laundering Concerns

Upbit Delists Privacy Coins, Citing Money Laundering Concerns

Users of the South Korea-based exchange platform Upbit will be trading with fewer options at their disposal after the platform chose to remove 6 Privacy Coins.

The coins that will be removed will include household names in the world of cryptocurrency such as top-tier cryptocurrencies, per Coinmarketcap Monero (XMR), DASH and ZCash (ZEC), with slightly lesser-known options such as Haven (XHV), BitTube (TUBE) and PIVX, making up the 6 privacy coins set to be removed.

While these coins won’t be taken off the platform immediately, with a deadline set for the 30th September, deposits of these options have already ceased to be available and cancel orders have been requested for trading pairs for Korean Won, as well as Bitcoin (BTC), Ether (ETH) and USDT markets. And so, users will have the next week to get sort out their portfolio and get everything in order.

They have cited money laundering concerns as the reason for removing them, which was the same reason put forward by fellow South Korean- exchange OKEx. They had recently announced that they would be delisting 5 Privacy Coins, Monero, Dash, Zcash, Horizen (ZEN) and Super Bitcoin (SBTC) by October 10th.

This sees the basis for a trend that shifts away from these popular cryptos and will reflect the price if it continues. As such, if you are holding Privacy Coins, keep a close eye on their listings in the coming weeks and months.

Listing Clampdown Worldwide

Elsewhere, this clampdown on Privacy Coins and their Money Laundering can be felt in other ways. Back in February, the Malta Financial Service Authority had outlined a code of conduct for platforms that offer Privacy Coins in order to prevent people being able to use them in order to launder money. Serving a warning to platforms under their jurisdictions, which include some of the world-leading exchanges, such as Binance, to ensure they keep their listings in check

Earlier this week, KuCoin also delisted 5 crypto assets. This was part of their “Speical Treatment” initiative which aims to target and exclude assets based on a range of different illicit behaviour not conducive to fair and legal trading, which includes money laundering. While this is not related to the Asian firms, it seems crypto exchanges and specifics about why these assets we delisted, it still indicates that platform the world over are starting to become a bit more scrupulous about what they are offering to their users.

Register for Latest Updates & News

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

1xBit Guide: Crypto Sportsbook & Casino

The casino and sportsbook industry continues to witness an increase in the number of platforms within the space. This creates a challenge of identifying the best and most reliable sportsbooks that will offer you the most impressive services. In this guide, 1xBit shall be reviewed in terms of its service offerings and unique features that […]

11 January, 2022

XBE Community Launches a $500k Bug Bounty

Decentralized technology is built to attract the smartest and brightest brains from all over the world to work towards a common goal: free and fair financial systems. Despite the uncertainties surrounding future laws, DeFi protocols are rapidly adapting and growing to provide new ways for individuals to obtain more value from their money. And this […]

28 December, 2021

11 Biggest Sponsorships Deals for the Crypto Market in 2022

The global sports industry is looking to revamp its activities and recover from the after-shocks of the COVID-19 pandemic. Cryptocurrency platforms on the other hand have enjoyed immense growth and are searching for big platforms that can provide better brand visibility. That’s where sports and crypto make a perfect match with many global sports organizations […]

1 December, 2021

ChangeNOW Unveils a New Cashback Feature

ChangeNow offers crypto users smooth exchanges and doesn’t stop there. The exchange platform provides registered users a chance to profit from crypto swaps with cashback in NOW tokens through the ChangeNOW website. The cryptocurrency exchange and processing platform offer you an effortless way to turn your traffic into profit and boost your crypto journey. The […]

15 November, 2021

Celsius Casino is Raising the Temperatures with a Voluminous Game Lobby

Celsius Casino has become a go-to gaming destination for casino fans looking for an action-packed online gaming platform. The online casino boasts a robust game catalogue with over 4,000 games. The extensive game portfolio caters to Slots, Table Games, and Live Casino fanatics and is powered by well-known providers such as Evolution Gaming, NetEnt, and […]

9 November, 2021

ChangeNOW Has Announced the Release of its Own Digital Wallet

Limitless and swift crypto exchange platform ChangeNOW has released its own non-custodial NOW Wallet, facilitating fiat to crypto purchases and reliable crypto transactions from the comfort of a mobile phone. NOW Wallet is available in beta version for both iOS and Android devices and allows users to transact with over 20,000 currency pairs, regardless of […]

29 October, 2021

BitPanda Enhances Its BEST Rewards Programme

The EU-based cryptocurrency exchange, BitPanda, has improved its loyalty programme, BEST Rewards. It is now providing owners of its BitPanda EcoSystem Token (BEST) an additional 12% in potential revenue each year. Every registered BitPanda user who has BEST in his or her wallet and carries out at least one monthly trade will be eligible for […]

25 October, 2021

ChangeNOW’s AML Action Lead To The Return Of $15M COMP

Earlier this week, ChangeNOW announced that it was able to identify and return 45,505 COMP back to Compound. The estimated value of this recovery is around the $15m mark. This remarkable achievement is further proof of the effectiveness of the exchange’s Anti-Money Laundering (AML) procedures. In an announcement made on ChangeNOW’s website, the company provided […]

6 October, 2021