Japanese crypto exchange delists 29 coins to get license in Singapore

Japanese crypto exchange

Popular Japanese crypto exchange firm, Liquid has delisted 29 cryptocurrencies, including Monero (XMR), Zcash (ZEC), among others to abide by Singaporean crypto regulations. Liquid embarked on this delisting to become a licensed crypto firm in Singapore.

Crypto regulations in Singapore recently has been upgraded to meet standards set by the Financial Action Task Force (FATF).

Hence, the Japanese crypto exchange firm, which already applied for a license in Singapore, has to abide by regulations. It is worthy of mention that Quoine, Liquid’s parent firm, is licensed by the Japanese Financial Services Agency (FSA).

Cryptos Japanese crypto exchange delists to get Singapore license

After announcing last week that to comply with requirements Singaporean authorities set, certain tokens cannot continue to trade on their platform and would be removed.

Some of the digital assets as of Monday that would or already have been taken off are SNX, MITH, DRG, WLO, STORJ, WIN, VUU, XNK, PPL, ENJ, AMLT, DENT, FSN, GEN, LND, MITX, SPHTX, MRK, BRC, XMR, NEO, IPSX, ADH, ZEC, IHF, PMA, XLM, QAX, and HYDRO.

Trading of these coins on the Liquid platform already stopped; however, clients who hold a certain amount in the coin could still withdraw them. However, Liquid is not writing off all these coins as they revealed talks are ongoing with the regulators to relist some of them later.

As Singapore shore up regulations to comply with FATF standard, The Monetary Authority of Singapore issued a consultation paper on July 21 explaining enhanced AML/CFT requirements for virtual asset service providers (VASPs).

Zcash, Monero to be delisted owing to privacy concerns

After Electric coin company announced that the Japanese crypto exchange firm, Liquid told them they would be delisting Zcash, popular opinion among experts began to set in that the privacy coin is being removed owing to privacy concerns.

The opinion seems relevant as the privacy of Zcash has been debated in the past with a challenge taken on to trace the transaction of privacy-focused cryptocurrency. After the challenge was accepted, it took three days to trace transactions on the Zcash network.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

Related News

Hot Stories

Avalanche price analysis: AVAX advances upwards at $29.68 after bullish movement
Litecoin price analysis: LTC/USD breaks out at $64.02 as bullish succession continues
ChainLink price analysis: Bullish spell launches LINK above $9.28
Solana price analysis: SOL price surges by 11 percent as it hits $47
Polkadot price analysis: DOT to retest $9.87 resistance as bulls strive for the lead

Follow Us

Industry News

Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?
MakerDAO is “seriously” considering moving away from USD
FTX CEO unhappy as crypto firms fail to aid each other
BlackRock launches spot BTC private trust