The South Korean arm of cryptocurrency exchange OKEX has halted, for now at least, the delisting of two privacy coins due to regulatory pressure from the Financial Action Task Force (FATF).
According to a notice from the exchange on Thursday, the planned suspension of both zcash (ZEC) and dash (DASH) support has been put under review.
OKEX first announced its intentions to delist five privacy coins – also including monero (XMR), horizen (ZEN) and super bitcoin (SBTC) – in September citing FATF’s controversial “travel rule” for crypto asset service providers, which sets out how national regulators must oversee the industry.
Under the travel rule, crypto exchanges must be able to collect and disseminate relevant information for transaction monitoring such as the name and address of the sender and recipient of virtual currencies.
Monero, horizen and super bitcoin are still being delisted from the exchange as of today, Oct. 10, OKEx said. A final decision on zcash and dash support will be announced after the compliance review.
Speaking with CoinDesk via email, Josh Swihart, VP of marketing and business development at the Electric Coin Company – the co-developer of zcash – said his firm has been working with OKEx since the September announcement.
“Zcash is entirely compatible with all FATF recommendations including the travel rule. We’ve been working with OKEx and others in S. Korea and happy to hear that OKEx has decided to take additional time to further evaluate Zcash support based on newly available compliance information.”
Since FATF’s announcement, there has been increasing pressure for exchanges to drop support for privacy coins.
Notably, Coinbase dropped zcash from its U.K. exchange in early August. A source told CoinDesk that the move was in relation to forming a new banking relationship with ClearBank after Barclays withdrew its services from the company.
South Korean exchange Bithumb also dropped zcash recently.
The Electric Coin Company has been actively lobbying regulators and lawmakers over its cryptocurrency, according to Swihart.
An open brief on regulation and compliance posted in September stated:
“Zcash was designed to protect consumers’ financial privacy while retaining compatibility with global AML / CFT standards, including the FATF Recommendations that were adopted in June 2019. Importantly, the privacy provided by Zcash does not prevent regulated entities from fulfilling their regulatory obligations.”
Role of marketing tools for Crypto marketers to achieve more from their marketing
As we all know that cryptocurrency is becoming important in the financial sector. Many rules and regulation are created by government authorities. Some countries have banned the bitcoin trading but on the same time it is legal in different countries. Bitcoin, a future financial system and through its trading people are solving their financial crisis. Experts are continuously analyzing the platforms which are providing such services. There are many wallets, exchanges, auto trading bots who are working just to provide ease to users. Auto trading bots like bitcoin profit aim to provide inexperience traders a facility to gain high rewards. Many platforms are legit, responsive and working really hard just to satisfy their customer demand in a more appropriate manner.
Entrepreneurs are willing to provide services in this new business era. However, it’s not possible to run a financial business on passion and determination alone. If you tell people that with budgeting, trading, marketing, or investment you can help them manage their finances, you need to prove to these customers that you know what you’re advertising.
Similarly in the world of bitcoin trading, if entrepreneurs wanted to provide trading services and wanted to develop such tools then they should have complete understanding of machine learning algorithms, artificial intelligence, programming languages and not only understanding but also the implementation. It is not easy but no worries for all those who are not very good in development or do not have required resources i.e. skilled development team, finance, time. White label solutions will facilitate them and have become an increasingly popular avenue for crypto companies looking to create their own products. Instead of beginning a project from scratch and recruiting a team of developers that can be costly and time-consuming, white label solutions include quick process monitoring.
Therefore, do not waste your time and energy because it will end up at nothing, be smart and boost up your customer relations. Algolead can be an ideal tool for all those who wanted to increase the output with minimum input.
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Immediate Edge Bot 2020 Review
What is AlgoLead?
An IT company, developed in 2014 and consists of highly skilled online marketers, developers and mathematicians. Algolead help organizations, both large and small, maximize their web traffic, optimize marketing campaigns and boost retention and revenue. In other words, it is an organizations that develops tools and software for CFD, Forex / Crypto brokers and Affiliates & Networks. CFD stands for contract for difference between seller and buyer. It is difference between the selling price the seller is demanding and the purchasing price of cryptocurrency.
The team work with hard work and motivation to ensure the quality of the product. Algolead understand that the key to a successful online cryptocurrency brand is maximizing the lifetime values (LTV) of the customers. Customer support is the main goal at Algolead, lifetime customer support is available for the clients. Users can consult customer support team at any time.
Therefore, Algolead offers software solutions and tools to crypto entrepreneurs. At Algolead users not only get cutting edge technology but also lifetime customer support team.
Key features of AlgoLead
Business reports: algolead generate business reports on just one click, thus save your costs and time.
User analysis: optimize IT service of Algolead helps user to collect user data including location, device, platform and browser. From such user analysis, automated massages can be send to target audience.
API (Application Program Interface): Algolead provides flexible APIs which can be integrated with any other application. All the copyright of the software will be of the user. It is like you outsource or hire another firm to build solution on your behalf.
Automation: the main goal of Algolead is to build efficient software solutions and tools for respected clients. Instead of spending hours at it, seasoned industry experts will teach you how to be more effective even when you’re not always in the driver’s seat. All this will be done while your values for life (LTV) remain intact.
Other key features of Algolead
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Japan’s Financial Authorities Discuss A National Cryptocurrency
Financial and monetary authorities in Japan are accelerating the process of creating their own digital currency. The Ministry of Finance, the Bank of Japan, and the Financial Services Agency have held an undisclosed number of meetings to establish a clear vision before eventually launching a central bank digital currency (CBDC).
Japan Prepares For A Bank-Backed Cryptocurrency
A recent local report informs about the meetings held by the BOJ, the FSA, and the MOF. Per the document, the country’s most prominent financial authorities discussed the potential merits and drawbacks of launching a digital currency.
They believe that a central bank digital currency (CBDC) could strengthen Japan’s online presence due to lower costs for cross-border financial transactions and easier access. However, the monetary authorities bring out possible illegal usage, as well. According to them, digital currencies could create opportunities for money laundering and other financial crimes.
The report notes that the vice minister of finance for international affairs, Yoshiki Takeuchi, FSA vice-minister for international affairs Ryozo Himino, and BOJ executive director for international affairs Shinichi Uchida attended the last meeting. Among all topics, they discussed how a digital currency would impact the current dollar-centered global financial system.
BOJ Gov. Haruhiko Kuroda believes that launching a CBDC needs more extensive research to comply on various requirements:You Might Also Like:
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- we are advancing research and study from the technical and legal perspectives so that we will be able to move in an appropriate way when there is a growing need.”
Japan’s Activity For a CBDC
Earlier this month, Japan noted that it would release drafted proposals for the creation of a CBDC. The move appeared as a direct response to China’s advancements in this area. Norihiro Nakayama, a senior lawmaker of the country’s ruling party, explained that Japan needs the U.S. if it wants to compete adequately:
“Without the U.S., we cannot counter China’s efforts to challenge the existing reserve currency and international settlement system.”
Cryptopotato also reported another upcoming collaboration. The central banks of Japan, Britain, Sweden, Switzerland, and the Eurozone will enter a dedicated group. Its primary purpose is to examine potential need cases for launching their own cryptocurrency.
In any case, many central banks are getting more and more serious in terms of digital currencies. Just yesterday news came that Sweden is already testing a national cryptocurrency.
Andrew Yang: “I Would Not Rule Out Running For Office Again.”
- Just after the end of his campaign for the United States presidency, Andrew Yang said the following “see you back in New York.”
- Yang is one of the biggest crypto advocates in the world.
- “I would certainly not rule out running for office again.”
Just after the end of his campaign for the United States presidency, Andrew Yang said the following “see you back in New York.”
Many people in the cryptocurrency industry saw a flash of light from Yang as he ran for the presidency this year. Unfortunately, he isn’t going to get into office however, it’s not going to stop him in his political endeavours. Yang is one of the biggest crypto advocates in the world, especially in his position running for the presidency – which would’ve been a massive feat for the industry. He highlighted cryptocurrency and blockchain as a big thing in his campaign, which was great for many enthusiasts.
The progressive ideas that Yang has when it came to the universal basic income furthered his campaign out of obscurity and into the spotlight last year. Despite this, he was unable to match the support of other Senators such as Bernie Sanders or Elizabeth Warren in the Iowa caucuses a few weeks ago. Even though there were several setbacks, Yang said that he wanted to get involved in local elections when he returns to returns to New York.
“I would certainly not rule out running for office again.”
It will be interesting to see how this situation plays out and whether Yang will try his luck at the presidency in the next election. For more news on this and other crypto updates