Cryptocurrency exchange OKX has recently announced its decision to delist several privacy-focused tokens, including Monero, in early 2024. The official statement released on December 29 outlined OKX’s plan to remove 11 trading pairs involving major privacy tokens, such as Monero and Zcash, as well as partially private coins like Dash and Horizen (ZEN), effective January 5, 2024.
OKX to delist privacy coins in January 2024
The exchange explained that its decision-making process involved continuous monitoring of the performance of all listed trading pairs and regular reviews of their qualifications. This approach, according to OKX, is essential to maintaining a robust spot trading environment. The decision to delist was reportedly influenced by user feedback and aligned with OKX’s token delisting or hiding guidelines. In addition to the delisting announcement, OKX took further measures by suspending deposits for specific privacy-related coins, including XMR (Monero), DASH (Dash), ZEC (Zcash), and ZEN (Horizen), starting from December 27.
Moreover, withdrawals of these tokens will be suspended from March 5, 2024. OKX emphasized its commitment to ongoing monitoring of all listed trading pairs and the implementation of delisting or hiding mechanisms as deemed necessary. As one of the largest cryptocurrency exchanges globally, OKX holds significant sway in the market, with a reported daily trading volume of at least $3 billion. Current data indicates that OKX lists a total of 482 trading pairs, encompassing various cryptocurrencies, including Monero, Dash, Zcash, and Horizen (ZEN).
Industry trends and exchange dynamics
The decision by OKX to delist privacy-focused tokens reflects a broader trend in the cryptocurrency industry. Other exchanges have also taken steps to either delist or consider delisting privacy or privacy-related tokens. In September 2022, Huobi announced plans to delist seven privacy-related coins, citing adherence to its token management policy and compliance efforts. Similarly, Binance, another major player in the cryptocurrency exchange space, made waves with its announcement in May 2023 to delist all privacy tokens in specific countries such as France and Italy.
However, Binance later reversed this decision in June, underscoring the dynamic and evolving nature of regulatory considerations in the cryptocurrency space. As of the latest available data, Binance continues to list four Monero trading pairs, including XMR/BTC, XMR/ETH, XMR/USDT, and XMR/BNB, alongside three Zcash trading pairs. Huobi, another prominent exchange, also maintains XMR/USDT and ZEC/USDT trading pairs, highlighting the differing approaches among exchanges regarding privacy tokens.
The broader industry trend of delisting privacy coins raises pertinent questions about the future regulatory landscape for cryptocurrencies. Exchanges are navigating a complex environment, balancing user privacy concerns with the imperative of regulatory compliance. The fluidity of these decisions underscores the importance of staying informed about regulatory developments and exchange policies within the ever-evolving cryptocurrency space. The recent announcement by OKX to delist privacy-focused tokens contributes to an ongoing industry dialogue regarding the treatment of privacy coins.