Japanese-based crypto exchange, Coincheck, has decided it was time to officially remove cryptos like Monero (XMR), Zcash (ZEC), Dash (DASH) and Augur (REP) from its platform. The decision will be reflected in implementation processes that are believed to commence in June 2018.
Coincheck’s reason for coming to this decision is mainly because of the level of anonymity associated with these coins, as they can create and encourage opportunities for money laundering and illegal activities. They went on to state that it would become an impossible task if one is interested in tracing back to the rightful recipient.
Announcing the Resumption of Withdrawals and Sales of Certain Cryptocurrencieshttps://t.co/3WRPdQ0Q1e
— Coincheck (@coincheck_en) March 12, 2018
For the time being, users are advised to withdraw any of the holdings mentioned above by June 18th, 2018, otherwise they will be sold at market price, converted in Japan’s currency, Yen (JPY) and credited to the respective holder.
In March, Coincheck has been faced with a lot of issues, from both the NEM hack they faced, as well as the pressure by the Japanese Financial Services Agency (FSA); suggesting that the platform requires a lot of improvements. Although the company lost $530 million worth of NEM during the hack, they have directed their focus towards complying with what was asked by the FSA.
Coincheck currently released a statement that expresses the team’s continuous efforts in strengthening the entirety of both the platform and the business itself. In particular, they said “it is necessary [for us] to further develop and strengthen the management system of AML/CFT in the future.”
Users do not need to worry too much about Coincheck’s decision, as they are given enough time to convert their digital assets. In addition, they have expressed that other cryptos like Bitcoin (BTC), Lisk (LSK), Bitcoin Cash (BCH), Ripple (XRP), Ethereum (ETH), Ethereum Classic (ETC) and many others will be supported.