Private cryptocurrencies are also eliminated from South Korean Korbit exchange house

The South Korean exchange house Korbit announced the withdrawal of five cryptocurrencies from its platform, of which three are recognized for their focus on privacy. A measure that is accompanied by new conditions for trade with the official fiat currency, the won.

The eliminated coins are Dash (DASH), Monero (XMR), Zcash (ZEC), Augur (REP) or Steem (STEEM). According to its statement, these cryptocurrencies can only be purchased on the platform until next Monday May 28. One reason why the digital exchange house recommends its users to "protect their interests" by selling or withdrawing the funds they own in these cryptoactives on their platform. However, the deadline for the sale was on May 21, which means that those who still have funds in the aforementioned cryptocurrencies must withdraw their tokens to another exchange house or to a portfolio that supports them.

The reasons why these five cryptocurrencies have been removed from the platform were not declared. However, in his blog they claim to be "committed to building a safe place for their users". It is important to contrast that three of these five cryptocurrencies were withdrawn from the Japanese Coincheck exchange house to prevent money laundering and terrorist financing, which could take place masked by the private qualities of said cryptocurrency.

Likewise, Korbit changed the trade policies with fiat currency and from the month of January, those who are not South Korean citizens will not be able to use the services of attached bank accounts. The citizens, for their part, must have an account verified in their name in Shinhan Bank to be able to access the exchange of fiat currencies by cryptocurrencies. Both are measures requested by financial regulators in South Korea, in an attempt to calm speculation with cryptocurrencies.

It is important to bear in mind that, at the moment, in South Korea there is no formal regulatory framework for cryptocurrencies, only some measures taken to avoid scams through projects with cryptocurrencies. This panorama established the basis for self-regulation by the exchange houses that make up the South Korean ecosystem, which created the Blockchain Association of Korea (KBA) last April.

As CriptoNoticias reported, the KBA established a "financial cooperation with the government" agreement after a self-assessment. This agreement subscribes to a series of guidelines to avoid money laundering with cryptocurrencies within South Korea, such as: keeping records of transactions and users linked to them for five years. In addition, the association is in the review of parameters to prevent employees of exchange houses use privileged information to manipulate the market.

These measures of self-regulation are an agreement between 14 South Korean exchange houses, among which are Bithumb and OKCoin. Although the measures are not legally binding, that is, that their application has certain limits, since they do not represent an obligation by decree.