South Korean Crypto Exchange Korbit Delists Zcash, Monero and 3 More Altcoins

by | May 25, 2018 | Cryptocurrency, Cryptocurrency News

South Korea | Crypto Exchange Corbit | Delist Monero | Delist ZCash | Dash | Augur | Steem

After Japanese exchange, Coincheck, delisted three privacy coins: Monero, Dash, and Zcash earlier this week, joining the line is South Korean cryptocurrency exchange Korbit which has announced that it will no longer support the trading of five cryptocurrencies: dash, monero, zcash, augur, and steem.

Since Coincheck was hacked in January, the Japanese Financial Services Agency (FSA) has strengthened oversight of crypto exchanges including setting new criteria for their registration. 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.

While there has been no sign of similar pressures from the South Korean regulators, Korbit has opted to follow suit, delisting the currencies currently offered via their Other Digital Assets platform.

On its website, the South Korean crypto exchange announced:

“We will bid farewell to the Other Digital Assets service through a gradual termination of the buy and sell functions for the following coins,” including Dash (DASH), Monero (XMR), Zcash (ZEC), Augur (REP), and Steem (STEEM).

It further stated,

“We strive to facilitate secure trades of more cryptocurrencies, but we have yet to determine the date for resumption of trades of the affected coins. We thus advise you to protect your interests by either selling or withdrawing the said cryptocurrencies.”

No further reasons were given for the decision, although some commentators have suggested that these are likely in the sights of regulators, tasked with avoiding risks to the wider financial system.

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