UpBit, a cryptocurrency exchange located in South Korea, has announced it will no longer offer trading support for six of its cryptocurrencies including privacy coins.

Blocking Money Laundering Possibilities

On September 20th, in a notice given by UpBit, the exchange will cease trading support and delist PIVX, BitTube (TUBE), Haven (XHV), ZCash (ZEC), DASH, and Monero (XMR) as of September 30th.

The exchange will also no longer support any deposits made to these cryptocurrencies. Orders that are requested prior to the end of transaction support in USDT, Ether (ETH), Bitcoin (BTC), and Korean won will be canceled.

UpBit later clarified that the six privacy coins are being delisted to prevent any external network inflow or money laundering that could arise.

UpBit Mimics OKEx’s Methods

The news about UpBit comes several days after OKEx Korea, South Korean’s major cryptocurrency exchange, got rid of support for 5 major altcoins because of new international protocols that were recently implemented.

On October 10th, OKEx will be halting trading of Super Bitcoin (SBTC), Horizen (ZEN), Zcash, Dash, and Monero. As the company is focused primarily on privacy, the coins fall short of the new guidelines the FATF, or Financial Action Task Force, have put into place.

The Financial Action Task Force was founded in 1989 as an intergovernmental association on the G7’s initiative to come up with new policies to take on money laundering. While nations do not have to comply with these recommendations, should any nation be seen as non-compliant, they could be placed on a financial blacklist.

More Exchanges May Cease Trading Support

As was reported recently, the major changes being made to cryptocurrency transaction guidelines require businesses to identify both parties who are sending funds to one another if any transaction is more than $1,000.

Despite concerns that implementing these new guidelines may prove to be impossible for most decentralized blockchains, over 200 countries are still being asked to theoretically carry them out by June of 2020.