The South Korean branch of the cryptocurrency exchange Bithabl has suspended the delisting of confidential cryptocurrencies and DASH for additional analysis to ensure compliance with the requirements of the regulator.
In September, Bithabl for the first time announced its plans to divest five confidential cryptocurrencies XMR, zen, SBTC, and DASH, citing the ambiguous recommendations of FATF for cryptocurrency service providers.
According to these recommendations, cryptocurrency exchanges should be able to collect and disseminate certain information to monitor transactions, such as the name and address of the sender and recipient of virtual currencies.
However, according to the statement of the exchange, the planned delisting process of the EEC and DASH has been suspended, while the delisting of XMR, zen and SBTC is still scheduled for October 10. The final decision on support for zEC and DASH will be made after further analysis.
Josh Swihart, Vice President of Marketing and Business Development at Electric Coin, which supports the development of the cryptocurrency, said that the firm has been in talks with Bithabl since the exchange’s announcement of the delisting of coins. He noted:
“The zcash is fully compliant with all FATF recommendations, including the rule on tracking the sender and recipient information. We are working with Bithabl and other exchanges and are pleased that Bithabl has decided to devote additional time to evaluating the support of zcash based on new available information about compliance with the regulator’s requirements.”
According to Svihart, Electric Coin actively lobbies the interests of the cryptocurrency zcash before regulators and legislators. The company’s open regulatory and compliance report, published in September, states:
“The company is designed to protect consumer financial privacy while complying with global AML/CFT standards, including fatF recommendations adopted in June 2019. The confidentiality afforded by zcash does not prevent regulated organizations from fulfilling their obligations.”