Topic: Privacy coins getting delisted - page 4. (Read 688 times)
I've been concerned for a while about the impact on privacy coins as we move further along the road to mainstream adoption of crypto. A consequence of travel on that road is that there is increased government scrutiny, and increasing attempts to regulate and control. Privacy coins represent the worst fears of governments and regulatory bodies, so it does seem logical that these are the coins that are hit hardest.
If in my opinion it was done because of avoiding criminal transactions so it is only natural for them to delete the privacy coins and maybe they want to eliminate traces of unknown transactions so that they plan to delete the privacy coins, in this case I only came to a positive conclusion because they wanted to avoid these things that are not wanted.
Many countries have banned the use of privacy coins to avoid abuse. In my opinion, now it does not matter whether the coin is privacy or not, the most important thing is speed in transactions and safe because regulations are not likely to be issued if the coins can be used for criminal acts
Dash got listed on Coinbase Pro and will start trading there today. I think its just a select few exchanges, that decided to delist
certain cryptocurrencies to stay on the safe side with regards to regulation and compliance.
Countries that seems to have taken a more hostile stance towards those cryptocurrencies that have the ability to provide
private transactions to its users (and therefore making it harder to regulate and comply with) : Japan - UK - South Korea
For Dash it helps that its privacy technology that users can optionally use is based on CoinJoin, only more sophisticated and
decentralized. Since CoinJoin also exists for Bitcoin (through several wallets having implemented it for Bitcoin and Bitcoin Cash),
there is effectively no legal difference between Bitcoin and Dash. Note that Dash is also forked from Bitcoin code-base and has a high
level of compatability. Dash optional privacy is actually not used much on the Dash network (less then 1% of Dash transactions are of
private nature).
certain cryptocurrencies to stay on the safe side with regards to regulation and compliance.
Countries that seems to have taken a more hostile stance towards those cryptocurrencies that have the ability to provide
private transactions to its users (and therefore making it harder to regulate and comply with) : Japan - UK - South Korea
For Dash it helps that its privacy technology that users can optionally use is based on CoinJoin, only more sophisticated and
decentralized. Since CoinJoin also exists for Bitcoin (through several wallets having implemented it for Bitcoin and Bitcoin Cash),
there is effectively no legal difference between Bitcoin and Dash. Note that Dash is also forked from Bitcoin code-base and has a high
level of compatability. Dash optional privacy is actually not used much on the Dash network (less then 1% of Dash transactions are of
private nature).
Okex korea on war with privacy coins, they have decided to delist privacy coins like zcash, Dash, monero, horizen and SBTC, Why? well the reason is..
“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.
Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”
Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/
“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.
Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”
Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/
This is happening because of to many hacking, and hackers are using Privacycoins to escape their activity but these coins have a goal to become a decentralization and anonymous, hackers just exploited this feature, but there is a fix to this, not delisting this coins.
It's expected step from country with high level of regulation. I think that such moves can be reason of privacy coin dump and for Bitcoin and Ethereum growing.
I don't know what are they thinking. thats the main reason why they created privacy coin. to not have any trace of a transaction
Hello privacy coin, is a true decentralized approach if you will think about it. Why do you think Okex planning to remove it due to non following of travel rule of FATF? Isnt bit suspicious that they dont want to acknowledge funds or transaction from an unknown source? So reality check, cryptocurrency moving forward through being centralized, even monero a great blockchain will be dragged down for this.
Okex korea on war with privacy coins, they have decided to delist privacy coins like zcash, Dash, monero, horizen and SBTC, Why? well the reason is..
“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.
Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”
Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/
“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.
Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”
Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/
A huge number of exchangers support these coins, even if they are banned on all top exchanges, they will be sold on unknowns.
There is always a way out, but users will lose confidence in the exchange.
I don't know what are they thinking. thats the main reason why they created privacy coin. to not have any trace of a transaction
Question I have is, with coinmixing available for BTC, and I believe Vitalik mentioned possibly adding some privacy features to ETH in the future, why even bother going after current privacy coins?
And I assume OKex requires KYC, so it's not like any trades are necessarily private.
I don't hold any privacy coins myself, so it doesn't really matter to me either way, just seems odd to delist privacy coins when folks can't cash them out and remain secret to begin with.
And I assume OKex requires KYC, so it's not like any trades are necessarily private.
I don't hold any privacy coins myself, so it doesn't really matter to me either way, just seems odd to delist privacy coins when folks can't cash them out and remain secret to begin with.
I don't like this news. From what I know OKex doesn't handle fiat, so they should not necessarily comply rules.
On the other hand, it can be a method to avoid hacks/hackers get use of stolen coins, if the other exchanges also comply.
On the other hand, it can be a method to avoid hacks/hackers get use of stolen coins, if the other exchanges also comply.
I think its a move made to limit hackers. I am yet to get what prompted the action from Okex, a humanitarian act to curb hackers or just under some directives of a government. But then, could we witness this in more top exchanges? Only time will tell but generally, it doesn't look too God for cryptocurrency because we are all obviously heading to centralization
Decentralization keeps ringing but yet with some actions it keeps getting clear that we to an extent we aren't. Privacy coins were created to ensure anonymity and privacy of users thus should they confirm to what Okex want means they will be losing some prominent features. However, it looks they are the only exchange taking such drastic actions while on the other hand, I see it as an opportunity for Decentralized Exchanges to spring up and start doing better so as to take up vital positions within this space; with Decentralized Exchanges, privacy coins will live up to their mission.
It looks like it's a regulator's order to delist all of the privacy coins which can't be traced by the government. As far as i know, south korea is a country which has been putting a very strict regulation to prevent money laundering and crime but it looks like the worst decision i have ever seen to delist a lot of the privacy coins at the same time.
binance was taking a better option by creating another fully regulated exchange site called jex.
privacy coin needs dex.
binance was taking a better option by creating another fully regulated exchange site called jex.
privacy coin needs dex.
Prior to this OKEX delisting news, there has been concerns about privacy coins recently. The authorities are highly against privacy coins because transactions can't be traced. I'm not really a big fan of privacy coins since I'm not holding any for long term, I did hold monero but sold off my bags when these concerns became serious. OKEX delisting privacy coins this way will definitely not tell good on their prices, but let's see how it goes anyway.
I was astonished when I saw the news about mass delisting of privacy coins by OKEX. Being a top notch exchange, I think this will have a negative effect on privacy coins' market generally. Holding privacy coins for long term now will be questionable. I'm a fan of privacy coins but probably their reasons for delisting are understandable.
There's still a ton of alternative exchanges where you can trade coins geared mainly towards privacy like Binance (which I also use), sucks that OKEx is delisting them but that's just one exchange whereas many other larger exchanges still have pairs for these coins. This does likely mean decentralized exchanges will get more attention, though most of them at this time many of these DEXes just don't have great liquidity and some of their interfaces are clunky, though that should be fixed with time.
Bad news for me too.
Seeing one of my favorite privacy coin getting listed on an exchange saddens me. I'm sure that I'm not the only person that believes on monero and many are but if okex has to do that with their reasoning, well it's their option.
There's still a lot exchanges out there that puts their trust on monero.
Seeing one of my favorite privacy coin getting listed on an exchange saddens me. I'm sure that I'm not the only person that believes on monero and many are but if okex has to do that with their reasoning, well it's their option.
There's still a lot exchanges out there that puts their trust on monero.
This could be also a strategy to hide some of malicious transaction done by exchange in which cannot be escape from privacy coins.
I've never thought of this. 
The fact is that any significant damage to anonymous coins in this way will not work.They will be bought and sold using other methods.I am sure that soon many exchanges will do the same.
This could be also a strategy to hide some of malicious transaction done by exchange in which cannot be escape from privacy coins. Transparency and anonymity is the objective of these privacy coins which I think support some if the huge investors so wouldnt be trace, of course thinking of safety precaution isnt really a negative feedback but just a precaution.
Okex korea on war with privacy coins, they have decided to delist privacy coins like zcash, Dash, monero, horizen and SBTC, Why? well the reason is..
“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.
Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”
Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/
“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.
Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”
Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/
For these reasons it is unreasonable to delist the privacy-oriented coins. The features of these coins were privacy-oriented from the very beginning. Why now?
They have a change of rules, and this is surprising, they should have started without these privacy coins from the start, it's their lost anyway because there are a lot of supporters of these Privacy coins, they will also lose volumes, hope we will not hear any exchange that will follow their bad action.
Okex korea on war with privacy coins, they have decided to delist privacy coins like zcash, Dash, monero, horizen and SBTC, Why? well the reason is..
“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.
Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”
Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/
“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.
Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”
Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/
For these reasons it is unreasonable to delist the privacy-oriented coins. The features of these coins were privacy-oriented from the very beginning. Why now?
Jump to: