Giant Japanese Stock Exchange Delists 27 Altcoins!
Recently, Japanese Exchange Liquid COO, Seth Melamed, claimed that some coins would be delisted from his platform, claiming it was necessary for legal compliance.Melamed used the phrase “Working closely with regulators in Japan and Singapore” on July 25.
Referring to the regulations regarding the Prevention of Money Laundering and Combating Terrorism Financing, Melamed stated:As part of risk management, we should take a conservative approach to the delistion of tokens potentially viewed by contenders with the AML and CFT and Fund Travel Rule.”
Liquid Net Made a Statement
Liquid made an official statement regarding the situation soon after, stating that Singapore is planning to get regulatory approval as a cryptocurrency operator. In light of its goals, the stock exchange has decided to remove 27 assets from its platform, including Zcash, starting July 24. Among the coins that are delisted from the platform are the following.
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 and XLM.
Stock Exchange Approaches End of Regulatory Approval Request
” Liquid is in the final stage of applying to the Singapore Monetary Authority or MAS for a stock market license under the Payment Services Act,” Melamed highlighted the difficult changes covering certain categories of the business, highlighting the necessity of this move for regulatory approval.Melamed described the situation as a hard gray area, adding:
“Liquid is working with the industry to provide a framework to comply with regulations that aren’t always in line with the innovative nature of blockchain-based assets. It is never easy to be the first, but we are determined to do so. ”Liquid is one of the many exchanges that follow alternative ways against regulation. Binance banned US customers in 2019, and many other exchanges imposed similar restrictions.