The need to identify the sender and receiving parties in crypto transactions allegedly means support for privacy-focused altcoins must end.
FATF rules halt privacy coins trading
The reason, says the exchange, is that as since they are focused on privacy, the coins fall foul of new rules set out by the intergovernmental body the Financial Action Task Force, or FATF.
As Cointelegraph reported, the sweeping changes to crypto transaction rules demand businesses to identify the two parties sending funds to each other if a transaction is worth more than around $1,000.
More exchanges could follow
The five cryptocurrencies outlined by OKEx all make it all but impossible to identify the sender and recipient of a transaction by design.
It remains unclear whether the exchange will apply the restrictions globally. Cointelegraph has reached out to OKEx for comment but did not receive a reply by press time.
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Author: William Suberg
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