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Coincheck will eliminate Monero and three other cryptocurrencies that are believed to be too anonymous to holders on the orders of the Japanese FSA.
FSA in Japan, Monero, Zcash, Dash and Augur
According to Sputnik, Coincheck has confirmed that they will remove Monero (XMR), Zcash (ZEC), Dash and the Augur's currency Reputation (REP) from trading on the stock market by June 18 in accordance with the new policy of the Japan Financial Services Agency which aims to prohibit cryptocurrencies that offer significant anonymity. The exchange reported that all banned cryptocurrencies that remain in users' portfolios after June 18 will be converted into Japanese Yens at the market rate.
Coincheck has already had a rauco 2018; it was the goal of the second biggest cript of cryptocurrencies in January, when they lost about 530 million dollars of merchant's money, which they then struggled to repay from their coffers. The hack has subjected them to strict control by the FSA, circumstances that may have led to the acquisition by Monex and now to this ban.
The FSA has reformulated its regulatory measures on trade after the modification of Coincheck to strengthen the transparency of the encrypted market. A prohibition of tokens that offer high levels of privacy and anonymity that come under their ax is of little surprise as they continue to look for the token stolen from Coincheck that appear to have been moved from wallet to wallet in the most anonymous manner possible.
Coincheck adheres to the FSA ban
Monero was among the top ten cryptocurrencies and is hugely popular in Japan, but has garnered criticism for being the new crypt for criminals, mainly because it is favored by drive-by miners. The FSA has established the ban as a way to crack down on the digital currency it considers useful for money laundering and other nefarious businesses.
In the wake of the January hack, Coincheck has suspended all withdrawals raised from one currency to another. In an attempt to regain customer confidence, since March they have promoted zero-fare trading. The exchange also claimed the right to deny any transaction made without a valid reason and imposed new standards of verification for all users. However, Coincheck has announced that it will "drastically review" its controls and will continue to comply with the FSA regulations to strengthen its efforts against the exchange used to support any criminal or terrorist activity.
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