Categories: Altcoin News

Coincheck Partially Reinstates Monero Support Despite FSA Crackdown

Japanese exchanges have taken a somewhat controversial stance toward certain cryptocurrencies. Any coin offering either privacy or anonymity is met with a lot of scrutiny. That situation is now changing. Coincheck reopens sales and withdrawals of Monero despite the ban by the FSA. It is an interesting development which can set a nationwide precedent.

A lot of things have happened for Coincheck in recent months. After a massive hack, the company was successfully acquired. The next development came in the form of banning Monero, Dash, and ZCash trading. That development is the direct result of an order by the Japanese FASA. Said governmental agency isn’t too happy with the trading of cryptocurrencies focusing on privacy and anonymity.

An Interesting Plot Twist by Coincheck

Surprisingly enough, it seems this ban will not necessarily be enforced. Coincheck has reopened withdrawals and sales of Monero on its platform. It is a bit unclear why this change of heart is present as of right now. We do know users are still unable to buy Monero directly. That situation may not come to change in the immediate future.  Users will also need to reinitialize transactions, as all outstanding orders have been removed.

There are some other taking place behind the scenes of this exchange. Users will need to adhere to new guidelines. That includes providing information for every transaction taking place through the platform. Without a valid reason, the exchange has the right to reject any transactions being made. These new developments come right after introducing new mandatory verification standards for users.

It seems evident people will move Monero off Coincheck first and foremost. With Japanese exchanges facing a deadline in regards to suspending the trading of these currencies, a lot of things can change in the months to come. So far, any allegations regarding the use of anonymous cryptocurrencies by criminals have yet to be proven. Even so, the FSA is confident these currencies pose a genuine threat.

Header image courtesy of Shutterstock

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