In the aftermath of the Coincheck hack[1], Monero (XMR), Dash, and Zcash (ZEC) are now being dropped by the Japanese crypto exchange.
According to The Japan Times[2], Coincheck is dropping anonymity-centered cryptos. This decision is likely a result of the “business improvement orders” issued by Japanese regulators, the Financial Services Agency (FSA), as reported by CNBC[3].
Coincheck’s application to become a registered cryptocurrency exchange under the revised payment services law in Japan has been pending since September 2017, when it was submitted to the FSA. It seems the delay, says The Japan Times, is due to Coincheck’s involvement with anonymous cryptos such as Monero, Dash, and Zcash.
The FSA issued these improvement orders to six other Japanese exchanges as well and ordered a suspension of operations for two of them, Bit Station and FSHO. The FSA said that the exchanges lacked “the proper and required internal control systems” that put the exchanges at risk of money laundering and financing terrorism.
>> Read more about Coincheck’s money laundering issues[4]
As such, when Coincheck resumed trading, it did so without the continued listing of Monero (XMR), Dash, and Zcash (ZEC).
Coincheck’s solution, according to The Japan Times, might involve buying these three anonymously traded cryptocurrencies from customers willing to sell them at a fixed rate. Coincheck may also accept transfers from verified account owners.
The news of being dropped by Coincheck doesn’t seem to have had a lasting adverse effect on any of the coins in question.
Monero is currently selling for $210.53, which puts the coin up 14.57% in the past 24 hours. On Saturday, when the news was first released, XMR did drop over the course of the day by about 11% but has since nearly recovered. XMR is now selling just shy of its highest Saturday selling point.
Dash is currently selling for $392.07, putting the coin up 10.35% in the past 24 hours. Dash dropped around 13% over the course of Saturday and is now about 8% away from returning to its highest selling point from that day.
Zcash is currently selling for $239.10, putting the coin up 14.71% in the past 24 hours. Zcash dropped the least of the three, dropping only about 8% on Saturday. ZEC is now actually selling for more than it was at its highest on Saturday.
>> Check out Crypto Madness: Sapien ICO vs. Sharpay ICO[5]
Featured image: TheDigitalArtist[6]
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References
- ^ Coincheck hack (cryptocurrencynews.com)
- ^ The Japan Times (www.japantimes.co.jp)
- ^ CNBC (www.cnbc.com)
- ^ Read more about Coincheck’s money laundering issues (cryptocurrencynews.com)
- ^ Check out Crypto Madness: Sapien ICO vs. Sharpay ICO (cryptocurrencynews.com)
- ^ TheDigitalArtist (pixabay.com)
