Japanese Exchange Coincheck Stops Trading Four Privacy-Focused Altcoins | News ICORating
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Japanese Exchange Coincheck Stops Trading Four Privacy-Focused Altcoins

Japanese Exchange Coincheck Stops Trading Four Privacy-Focused Altcoins

Japanese cryptocurrency exchange Coincheck has confirmed that they will stop the trading of four anonymity-centered altcoins in order to comply with the demands of regulators.

A post to Coincheck’s blog dated May 18 reports that the exchange will completely halt trading for four privacy-oriented cryptocurrencies, Monero (XMR), Zcash (ZEC), Dash (DASH), and Augur (REP), effective June 18. According to the post, platform users that continue to hold these altcoins on Coincheck will have them forcibly liquidated at market prices for Japanese yen, which will then be credited to their Coincheck account.

The decision was undertaken as a result of a “business development order” issued by the Japanese Financial Services Agency (FSA), Japan’s top financial authority, after the FSA completed an investigation into the Coincheck hack, the largest cryptocurrency exchange hack to ever have occurred.

Hackers exploited a Coincheck vulnerability to perform unauthorized transfers of over $530 million worth of the altcoin NEM from Coincheck customers in January 2018. The FSA has stepped up its policing of cryptocurrency exchanges since then, enacting new restrictions and increasing oversight.

The FSA ordered Coincheck to stop trading in these four altcoins in order to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. Monero, Zcash, Dash, Augur, and other altcoins use additional encryption techniques to make transactions much more difficult to track than Bitcoin.

Coincheck was acquired by Monex Inc. earlier this week. Monex revealed plans to expand Coincheck’s operations to the US and Europe.

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