Coincheck will stop servicing Monero, Dash and Zcash due to the fact that working with such anonymous currencies is very risky. The danger is that clients receiving funds in these currencies are almost impossible to recognize. Which is very convenient for money laundering. With currencies like Bitcoin, such occurrences are less likely.
According to the Japan Times, this decision could also have been made under the influence of the Japanese Financial Services Agency (FSA), which put forward a number of demands to the exchange to make changes to its work.
Coincheck intends to buy Monero, Dash and Zcash from its users at a fixed rate rate, but only for those clients who have verified accounts.
Previously, the regulator demanded to improve the security system of the crypto platform after a January hack, as a result of which scammers withdrew NEM for more than $500 million. At the moment, the exchange has resumed its work and returns stolen funds to users.
Fraudsters have already been able to withdraw almost half of the stolen tokens using fiat and other currencies. Cybersecurity experts believe that the attackers used darknet sites to do this.
Masanori Kusunoki, technical director of Japan Digital Design, notes that it is becoming increasingly difficult to monitor the movement of stolen tokens. He also said that the same darknet is still used to launder stolen funds.
“It has become obvious that we cannot block money laundering just because all transactions are registered,” said Masanori Kusunoki.
At the moment, the crypto platform is waiting for completion of registration with the FSA, after which it will be able to receive the status of a digital currency exchanger.
According to https://www.japantimes.co.jp
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