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Coincheck takes Monero, Zcash, and Dash off its list

Coincheck takes Monero, Zcash, and Dash off its list
May 20, 2018 by Rico Wise

Coincheck, a digital currency exchange based in Tokyo, Japan, has made a decision to take the XMR, ZEC and DASH coins off its list in June.

Being recently purchased by Monex after a major hacking attack, the exchange has released an announcement to stop the facilitation of the aforementioned currencies, providing the customers with the anonymity, which transactions of Bitcoin and other blockchain currencies lack.

Coincheck explained their decision to stop service for these digital currencies after a dramatic review of Coincheck’s internal supervision was carried out being under new management. It is considered that dealing in XMR, ZEC and DASH is not appropriate anymore, due to them posing dangers on the abilities of the company to keep operating in line with the existing legislation against money laundering.

It has been rumored that the Financial Service Agency of Japan has been forcing the exchanges into making the decision to cease operation for Monero, ZCash and Dash, because those are privacy currencies.

One of the reasons for Coincheck to be bought by Monero was that the previous owners were not able to adhere to the orders of the Financial Service Agency issued subsequently to the theft. Ultimately, the decision to cease operation for those currencies can be explained as the attempts of the new exchange runners to win back the trust of the FSA.

The currencies will be facilitated until June 18. Before that time, the traders have the opportunity to withdraw their currencies from the exchange. All the tokens left after that will be then sold at market price and turned into JPY to be credited to user accounts afterwards.

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