Japanese Exchange Coincheck Delists Coins- Monero, Dash and Zcash

by | May 21, 2018 | Cryptocurrency, Cryptocurrency News

Coincheck | Monero | Dash | ZCash | FSA | Japan | Cryptocurrency updates

Japanese exchange, Coincheck, has delisted three privacy coins. Monero, Dash, and Zcash. Reports further confirms that Augur’s name token also will be delisted next month. The exchange created made this call after receiving a business improvement order from the country’s money regulator following the NEM hack.

Crypto traders are being notified to withdraw their XMR, DASH, ZEC, and REP before 18th June. Coins that are existing even after 18th June will be sold at the market price and converted to Japanese Yen [JPY] and credited to the customer.

The four cryptocurrencies will be delisted on June 18, Coincheck emphasized, adding:

“The target currencies [XMR, ZEC, DASH, and REP] held on the discontinued date will be sold at the market price and converted into Japanese yen”

Coincheck believes that the high level of anonymity behind these coins can cause many risks in the future, which is the main reason behind them delisting these cryptocurrencies.

The Tokyo-based exchange, which was purchased by brokerage firm Monex following a high-profile January hack that saw the platform lose $530 million in NEM tokens (XEM). They received a business improvement order from the Japanese Financial Services Agency [FSA] in the month of March.

In complying with the FSA order, the exchange says it is “drastically reviewing” its internal control and management control systems, as well as rethinking its “management strategy that thoroughly protects customers,” the announcement reads, adding that:

“It is necessary [for us] to further develop and strengthen the management system of AML / CFT [Anti-Money Laundering/ Counter-Terrorist Financing] in the future.”

Nikkei has also reported earlier this month that the FSA has set new criteria for crypto exchanges. One amongst them issues the kinds of cryptocurrencies listed on exchanges. “Those granting a high level of obscurity and simply used for hiding can as a general rule be illegal,” the news outlet represented.

Also Read: Japan’s FSA Sets A Five Point Criteria For Cryptocurrency Exchanges

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