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Coincheck removes 3 cryptocurrencies: Monero (XMR), Dash, and Zcash (ZEC)

20/3/2018
Coincheck Drops Monero

Coincheck, the Japanese major crypto exchange, in the afternoon announced the drop of 3 cryptocurrencies. The cryptos involved are the ones centered on anonymity: Monero (XMR), Dash and ZCash (ZEC). The reasons of this decision are perceivable looking at the recent news about Coincheck.

1 – Hacker attack to Coincheck

The first reason is connected to the recent hack where 500 million NEM have been stolen from the platform. The hackers are still unidentified but the reimbursing process to involved customers has begun. The decision of the company to avoid other hacks is to delist three of the more popular virtual currencies of the platform: Monero (XMR), Dash and ZCash (ZEC) provides a level of privacy and anonymity that could drive to money laundering and big risks for Coincheck.

2 – Business improvement orders from FSA

The second reason is the registration process as exchange to the Financial Services Agency (FSA). Coincheck applied in September 2017 to compliance the Japanese payment services law but the request is still pending. The FSA required an internal control system to six Japanese exchanges, Coincheck amid them, to avoid the risk of money laundering and financing terrorism. Coincheck incorporated FSA’s guidelines with the exclusion of the 3 cryptocurencies anonymously traded.

Monero (XMR), Dash, and Zcash (ZEC) prices

The news doesn’t seem to have shaken the investors and the prices of the affected cryptos.
Monero after the Sunday drop, when the news was first spread, rose back and is now at $ 213.46 USD with a 1.29 % increase, about the highest selling point of last week-end.
Dash is delaying the return to last week-end price: after the drop of around 13% after the announcement, Dash slowly regained value reaching $408.81 USD with a 5.14% increase in the last 24 hours.
Zcash affected less than the other cryptos the news and after the natural drop the token value is actually higher than the last week-end, $244.64 USD with a 4.03% up.

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