Coincheck confirms removal of 4 Altcoins from their platform

Coincheck, the recently cracked Japanese crypto exchange platform, will stop trading four confidentiality crypto-currencies: Monero (XMR), Zcash (ZEC), Dash (DASH) and Augur (REP).

Following reports in March, the platform has officially confirmed the removal of the four anonymity rooms and this will come into effect on June 18. According to Coincheck's blog, it will remove the four cryptocurrencies to comply with counterterrorism financing (CFT) and the AML measures recently issued by the Financial Regulatory Authority of Japan, Financial Services. Agency (FSA).

The FSA has been particularly active in regulating national crypto exchanges, particularly around customer protection, since Coincheck lost $ 532 million in NEM in a major hack in January of this year.

As part of its efforts, the FSA has stated that the officially registered local exchanges will face restrictions on trade in privacy-focused altcoins, as they are more difficult to trace than crypto-currencies such as Bitcoin (BTC). ).

As stated in Friday's official statement, the targeted cryptocurrencies will be sold at market prices and converted into Japanese yen.

Earlier this week, Monex Inc., the company that recently bought Coincheck, revealed its intention to expand trading in the United States, saying the US and Europe are ahead of Japan in terms of regulatory clarity and attraction of institutional investors.