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Coincheck Exchange Bans Monero Amid Japan's Crackdown on Anonymous Currencies

CC0 / / Cryptocurrencies
Cryptocurrencies - Sputnik International
Monero and three other cryptocurrencies have fallen victim to the Japanese Financial Services Agency's (FSA) new policy aimed at banning all cryptocurrencies that offer significant anonymity.

The Japan-based cryptocurrency exchange Coincheck has confirmed rumors that it will be delisting monero, zcash, dash and Augur's reputation token by June 18. The remaining cryptocurrencies in users' wallets will be forcibly converted to Japanese yen at the market price, the exchange reported.

Monero had been among the top-10 cryptocurrencies with highest capitalization, and dash was among the top-10 most popular ones in 2017. All four banned cryptocurrencies offer a significant level of anonymity in transactions.

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Coincheck operates under strict supervision of the Japanese regulator, the FSA. The Nikkei Asian Review reported earlier in May that the FSA is planning to impose a new set of policies towards cryptocurrency exchanges. One of the more notable points is that the policy would ban currencies "granting a high level of anonymity," something that is believed to be useful for money laundering. Coincheck has already announced that it would "drastically review" its internal controls and would strengthen its efforts against money laundering and terrorist financing.

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