A major Japanese cryptocurrency exchange, Liquid, has delisted 29 cryptocurrencies to comply with the crypto regulation in Singapore in an effort to become a licensed crypto exchange operator in the country. Singapore has been enhancing its crypto regulation in line with the standards set by the Financial Action Task Force (FATF).
29 Cryptocurrencies Delisted
One of the largest cryptocurrency exchanges in Japan, Liquid, has applied for a license to operate in Singapore. Its parent company, Quoine, is licensed by the Japanese Financial Services Agency (FSA). Liquid announced last week:
Due to heightened compliance requirements set by Singaporean regulations, some listed tokens cannot continue to trade on Liquid and will be taken off the markets.
As of Monday, the cryptocurrencies that have been or will be delisted 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 and deposits have already been halted for some of these cryptocurrencies and their trading pairs but customers can still withdraw their coins. Nonetheless, the exchange noted that “Some of these tokens are undergoing talks with regulators and may be re-listed in the near future.”
Singapore has been working on implementing stricter rules on crypto exchanges to comply with the FATF standards. The Monetary Authority of Singapore issued a consultation paper on July 21 describing “enhanced standards” of the AML/CFT requirements for virtual asset service providers (VASPs). The consultation paper can be found here.
What do you think about Liquid delisting coins to comply with crypto regulation? Let us know in the comments section below.
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