XLM, NEO, XMR and 29 Cryptocurrencies Delisted on Liquid Exchange to Comply With Singapore's FATF Crypto Regulation

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).

Singapore announced PSA(Payment Service Act) of MAS(Monetary Authority of Singapore) at 28th January and deferred its application to existing cryptocurrency entities for 6 months. Before the practical application of the act at 29th July, it seems to delist the projects that didn’t satisfy the requirement of the regualtion.

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 last 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.

Bitthumb Singapore and Upbit Singapore already delisted many highly ranked top market coins during grace period such as Tether (USDT), Bitcoin Cash (BCH), Bitcoin SV(BSV), Lightcoin(LTC), EOS (EOS), Stella(XLM), Tron(TRX), Ethereum Classic(ETC).

And some poor quality coins are included in this list that Some of coins such as PPL and VUU that are suspected of scam, WIN that doesn’t have relevant project, IP Exchange and AdHive that do not have 2nd exchange so become disappear ending its life as alt coin.

This is 2nd massive delisting since its first large scale delisting 17 projects that took place on last December. The main reason of delisting many coins this time is PSA license while Liquid has delisted 1 or 2 coins regularly.

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).

Source: beinews