The ‘Phoenix’ Exchange: CoinCheck, Post January’s $550 Million Hack The FSA may not have advised to CoinCheck to remove Augur, but CoinCheck appears to be taking all precautions to distance itself from regulatory worries in the future.

Augur does not have any privacy features as it is built on the more public Ethereum network, however, it can be used as a way which users can gamble on an unlicensed platform which is currently in its beta. In a more unexpected move, the Augur ERC20 token was also announced to be removed from the exchange. This did not stop Coincheck from announcing that they would begin to review and investigate their internal network to help further combat the bad actors who use their exchange. Although this may be true, just because a few criminals may be using these currencies as a way to transfer wealth privately, that does not mean that all users of these coins should be scrutinized. The situation seems different in Japan, as the FSA firmly believes that these tokens and coins are actively used for illicit activities, and may propagate the presence of money laundering in Japan. However, Gemini did mention that they will not be allowing users to withdraw their ZCash to shielded addresses, removing a substantial level of privacy for users wishing to use Gemini to acquire the privacy-based cryptocurrency. This was the first time that a regulatory body has confirmed the listing of a well-known privacy coin on a licensed exchange. This surprising announcement came after the New York Department of Financial Services accepted and provided the licensing for the listing after Gemini’s proposal to add ZCash to their exchange. On the contrary, the New-York based Gemini Exchange has just announced their support for ZCash, the 3rd largest privacy coin. Privacy coins have long been a way in which wary cryptocurrency investors can keep their money secure and private, away from the prying eyes of any regulators or those who wish ill. This being exactly what happened in the case of CoinCheck, it is now apparent that the Japanese government is moving for exchanges based in Japan to delist these privacy coins. With restrictions starting on cryptocurrency exchanges that offer these coins and tokens on their respective platforms.

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