FSA Orders Coincheck to Give Up Four Privacy-Oriented Altcoins

Coincheck, one of Japan’s largest cryptocurrency exchanges which were hacked in January, will stop trading four privacy-oriented cryptocurrencies on June 18, 2018, in compliance to Japan’s Financial Services Agency’s (FSA) implementation of the counter-terrorist financing (CFT) and anti-money laundering (AML) measures.

Dash augur zcash monero prohibitedThe soon-to-be-stopped currencies are:

Monero, a digital coin that focuses on the privacy and security of the users by not recording the actual stealth addresses during the transaction. It hides the transactions between parties among other deals that are being done by other separate parties.

Dash, a decentralized P2P electronic cash built on Litecoin that does away with the big fees and long wait times unlike the first-generation cryptocurrencies like Bitcoin. It is founded by mining making it free from scrutiny except by its users.

Zcash, a decentralized blockchain-driven cryptocurrency that makes transactions more private on the Bitcoin blockchain by giving users an option to choose whether to divulge their private information.

Augur, a decentralized and independent market prediction platform built on the Ethereum blockchain and regarded by many as the best forecasting tool. Augur is an open platform whose software is made up of smart contracts on a blockchain network which allows anyone to start, oversee, and deal in prediction markets.

FSA’s stand on the close regulation of local crypto exchanges and its restriction on the trading of privacy-oriented altcoins stemmed from the major hacking of Coincheck resulting in the loss of $532M in NEM.

FSA ordered the affected cryptocurrencies be sold and converted into Japanese yen.

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