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Privacy Coins Monero (XMR), ZCash (ZEC) and Dash (DASH) Delisted By CoinCheck

In a move that has seen many crypto-enthusiasts suspecting a hand by Japanese authorities, the infamous Japanese exchange, CoinCheck, has announced that it will be delisting three privacy coins on its online exchange. These include Monero (XMR), ZCash (ZEC) and Dash (DASH). This move can be seen as the exchange complying to recommendations by the Japanese Financial Services Agency (FSA) that issues licenses to crypto-exchanges. The same agency has been against privacy coins for quite some time now.

The CoinCheck exchange grabbed the international limelight with there was a high profile hack back in January that saw the culprits walk away with over $500 Million in NEM (XEM). The exchange has since been purchased by Monex, a Japanese brokerage firm.

Monex has been rumored to setting its sights on expanding to the US using CoinCheck to further accelerate the rebooting of the exchange as the favorite for traders after the infamous hack in January.

Following the hack in January, many traders left with their funds to other online exchanges resulting in a 95% drop in the daily trade volume of the exchange.

Monex purchased the exchange for a pricey tag of $34 Million with other profit sharing agreements for the next three years. Monex CEO, Oki Matsumoto, had this to say about the acquisition and the planned expansion to the United States:

We can broaden our customer base at Coincheck. In the end, we should and we can replicate the profitability they achieved before. Japan may seem like it’s one step ahead in crypto, but in terms of deciding what’s a security or a token and attracting institutional investors, the US and Europe are moving ahead. What the US decides will have a huge impact on Japan.

This last statement can also be the reason the exchange has decided to delist privacy cryptocurrencies.  The American regulators and authorities have been known to be stricter when it comes to registering exchanges that are centered on promoting privacy coins. The recent launch of ZCash trading on the Gamini Exchange owned by the Winklevoss twins has been hailed as a milestone in terms of getting an American regulator to approve such a move.

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Most authorizes detest privacy coins in that they claim that they promote crime and illegal activities on the internet. Some of these activities include drug dealing and money laundering.

What then resulted from the Gemini listing, is that that value of ZEC surged by 47% to amazing levels of $364 when the announcement caught on in the cryptoverse. ZCash has since stabilized to current levels of $350 with a small decline of 1.41% in the last 24 hours.

The effects of the delisting of these three privacy coins is yet to be seen in the markets. But one thing is for sure, privacy continues to be a sought after preference by crypto-users around the globe.

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Obi Wan Crypto

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