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OKEx Korea Ends Support for Privacy Coins in Compliance to the Travel Rule

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The Korean platform of the OKEx cryptocurrency exchange has announced plan to end support for certain digital assets from its platform. Privacy coins such as XMR, DASH, ZCASH, ZEN SBTC has been marked to be removed from the Korean exchange.
The firm revealed that the reason for the termination of support for the currencies is possible violations of laws or regulations or policies of government agencies. It also stated the customer protection one of the reasons for termination of support for the assets.
Citing catalyst for the removal of the privacy coins, OKEx Korea said it is in compliance with the “travel rule” which recommends that exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual assets.
Since privacy coins do not allow collection of “relevant information”, it has decided to delist the assets.
OKEx Korea in a blog post gave details culminating to the decision to delist the assets. It provided that “In October 2018, the first General Assembly, the International Anti-Money Laundering Organization ( “FATF”) agreed to apply the criteria for Virtual Asset Service Providers. In February 2019, when the 2nd General Assembly was held, the statement in the footnote, except for the transfer of virtual assets, was finalized and announced in a statement.”
Transacting in the privacy coins will be terminated by October, 10th 2019. While withdrawals will be in two months after transaction support has been ended. That will be in December, 10th 2019.
As the assets are delisted, the following trading pairs will also be removed:
Monero (XMR): XMR / KRW, XMR / BTC, XMR / ETH, XMR / USDT
DASH: DASH / KRW, DASH / BTC, DASH / ETH, DASH / USDT
ZCache (ZEC): ZEC / BTC, ZEC / ETH, ZEC / USDT
Horizon (ZEN): ZEN / BTC, ZEN / ETH, ZEN / USDT
Super Bitcoin (SBTC): SBTC / BTC
As OKEx korea has decided to tow this path, other global exchanges could decide to be compliant to this rule. A move which could either create new ingenious markets for privacy coins or drastically reduce the available platforms to trade the privacy focused digital assets.

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Naijapay Launches Enabling Bitcoin and Dash Payments

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Naijacrypto a top indigenous Nigerian exchange has announced the launch of their crypto payment gateway, “Naijapay” to enable businesses to accept crypto payments with easy
conversion to naira.


Nigeria has been a popular crypto hotspot over the years always among the top in ranking of traded bitcoin volumes. This is fueled in part by the huge remittance inflow into the country which was more than the oil revenue of the country in 2018, and the use of crypto for payments.

As more people switch over to using crypto for day to day payments, Naijapay aims to be their top destination.

Naijapay will support Bitcoin and Dash payments at zero transaction fees. It would contain two modes; The “naira mode” would enable businesses to accept crypto but always receive naira.

They do not need to worry about the volatility of the cryptocurrency markets. The “crypto mode” is for those who wish to receive crypto and keep funds in crypto.

The platform has utilities for
users who just wish to accept crypto payments without any complexities as well as utilities for users who wish to integrate payment APIs on their website.

Naijapay is also InstantSend enabled, meaning Dash transactions will be instantly confirmed, and the naira value credited to the receiver.
The Naijapay Platform would also advertise businesses who accept cryptocurrencies, this is in Naijacrypto’s vision to make the Local markets visible to the international community.

Even freelancers can advertise their business to an international community and receive payments easily.


According to Chiagozie Iwu, founder of Naijapay; “Naijapay is set to revolutionize the way Nigerian Businesses and freelance workers receive payments. Gone are the days when payment methods hindered market reach”.

This is a much-needed utility in the Nigerian business space
and also good news to the Nigerian crypto community in their push for more crypto adoption
mechanisms.

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Luno to hire over 200+ people, Plans Global Expansion to reach 1bn people by 2030

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Co-Founder and CEO of leading cryptocurrency exchange, Luno has revealed the firm is looking to hire over 200 personnel. 

This was revealed via a tweet on the 19th of November, 2020. In the twitter post, the CEO, Marcus Swanepoel said Luno was looking at getting 200+ people and anyone who wants to help the firm upgrade the world to a better financial system should keep an eye on its job portal. 

Luno CEO, Marcus Swanepoel

Mr.  Marcus also tweeted about the plan of getting the Luno brand to 1 billion people by the year 2030.

Read also: How a First Time Bitcoin Trader Made 10% Profit in 10 Days on Luno. 

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Kucoin’s Web Traffic Drop by Almost half in October After Hack

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Cryptocurrency exchange Kucoin experienced a drop in its web traffic in the month of October by almost half. The report which was compiled by ICO_Analytics reviewed the web traffic data of 20 top cryptocurrency exchanges for the month.

According to the report, Kucoin experienced web traffic of 1.7 million in the month however, that figure represented a significant reduction in its web traffic when compared with the previous month, September.

The report revealed the exchange experienced a 45% loss in web traffic in the month of October. The likely reason was the attack which occurred on the exchange in late September, which saw the exchange halt significant operations. The hackers were able to withdraw huge some of funds running in hundreds of millions of dollars in several cryptocurrencies such as Bitcoin, Stellar and multiple ERC-20 tokens

Immediately the news of the security breach broke out, industry participants rally round support the thwarting of the hackers plan by freezing stolen cryptocurrency, upgrading contracts to render the some of the stolen funds useless etc. 

With this measures, the CEO of Kucoin Johnny Lyu has revealed the exchange has been able to recover the 84% of the stolen funds and will published the case when it is closed as directed by law enforcement. Johnny Lyu also revealed the exchange has resumed full service for the 176 tokens affected and all others are scheduled to be reopened before September, 22nd.

In a tweet published hours ago, the CEO of Kucoin, said he was glad that the incident was dealth with in an open and transparent manner, always putting users first and it Kucoin looks forward to continue to safeguard users funds and bring more crypto hidden gems to the world as it always does.

Other than Kucoin, the report also revealed Uniswap saw a drop in web traffic of 25%, ZB.com  experienced a 32% drop in web traffic  while Huobi had a one-fifth decline in web traffic in the month of October, 2020.

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