TL;DR Breakdown
- Bitterex to delist Dash over privacy concerns
- Dash developers against delisting of coin, says privacy not more than Bitcoin
Altcoin Dash is currently experiencing a time to forget in its history as American crypto exchange, Bittrex has threatened to delist the ‘privacy coin’ alongside Monero (XMR) and Zcash (ZEC).
Owing to stringent regulations in the US, Bitterex announced its delisting plan in a tweet as the coin developers kicked against this move. The crypto developers claim the altcoin is not more private than Bitcoin.
Bitterex said it would delist the altcoin days after it announced it would delist XRP owing to Ripple issues with the SEC.
The American exchange never gave any reason for the removal. However, it can be attributed to how other exchanges are delisting coins that seek to preserve their users’ privacy. These exchanges are trying to be compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations that are spreading worldwide.
Dash against Bitterex delisting action
The altcoin developers in a tweet responded to Bitterex. It highlighted the label “privacy coin,” calling it a misnomer. They claimed that the coins privacy function is not greater than that of Bitcoin.
They also said they are setting up a meeting with Bittrex’s compliance team to be reinstated. However, the delisting threats have affected the coin price as its price plunged alongside the other coins Bitterex claimed it would delist.
Previously, the altcoin has said that it was the worlds first privacy-centric crypto-currency. But now, it claims to be only the leading payments cryptocurrency.
The CEO has also undermined the coin’s privacy features in the wake of being delisted on Bitterex.
Crypto Twitter has also joined the argument that the altcoin developers released guidance on the cryptocurrency’s privacy features in August. In a post on the official Dash website, Taylor wrote that “regulators are concerned that exchanges may be unable to comply with KYC / AML regulations when transacting coins with privacy features” because DASH is “often found on lists of coins with privacy enhancements.”
Afterward, he said that the altcoin has mostly been successful in convincing exchanges and regulators that the coin is not a privacy coin.
