Loading...

OKX exchange delists privacy coins, including Monero, Dash, and Zcash

OKX

Most read

Loading Most Ready posts..

TL;DR

  • Cryptocurrency exchange OKX is set to delist 20 trading pairs, including major privacy coins Monero (XMR), Dash (DASH), and Zcash (ZEC), effective January 5.
  • OKX cites non-compliance with its listing criteria as the primary reason for removing the trading pairs. The decision aligns with user feedback and the exchange’s Token Delisting/Hiding Guideline.
  • The announcement led to a market reaction, with privacy tokens experiencing a significant decline. OKX, a key player in the market, recorded a substantial spot trade volume of $60.27 billion last month, contributing over 7.2% to the total market volume.

OKX, a prominent exchange, announced the delisting of 20 trading pairs, including major privacy coins Monero (XMR), Dash (DASH), and Zcash (ZEC). The decision, effective from January 5, comes as OKX cited non-compliance with its listing criteria for removing these pairs.

Delisted trading pairs and OKX’s criteria

The affected trading pairs include KSM-USDC, FLOW-USDC, JST-USDC, KNC-USDC, ANT-USDC, FSN-USDT, ZKS-USDT, CAPO-USDT, CVP-USDT, among others. The exchange did not elaborate on the specific reasons for the removal, leaving the cryptocurrency community to speculate. According to OKX, the decision aligns with user feedback and the exchange’s Token Delisting/Hiding Guideline.

Following the announcement, privacy tokens such as Dash (DASH), Monero (XMR), and Zcash (ZEC) witnessed a notable decline of up to 10%. Although OKX did not explicitly state that the removal was due to the enhanced privacy features of these tokens, many fall into the category of privacy coins. Privacy coins maintain anonymity by obscuring transaction details on their networks, making it challenging for third parties to trace financial activities. This characteristic has often made them less favorable to regulatory bodies.

OKX’s position in the market

OKX, a key player in the cryptocurrency exchange space, recorded a substantial spot trade volume of $60.27 billion last month, contributing over 7.2% to the total market volume. The exchange’s decision to delist specific trading pairs aligns with its commitment to maintaining stringent listing criteria, ensuring the integrity and compliance of the assets available on its platform.

Privacy concerns and regulatory scrutiny have led some exchanges to reassess the inclusion of certain tokens, especially those designed to provide enhanced transaction privacy.

As news of the delisting circulated, market participants expressed various reactions. Some viewed it as a necessary step for OKX to uphold its standards, while others raised concerns about potential impacts on the value and market liquidity of the affected tokens. With the delisting set for January 5, traders and investors can adjust their positions accordingly.

Privacy-focused tokens have faced increased scrutiny globally, and exchanges are navigating a complex landscape to ensure adherence to regulatory guidelines while catering to user demands.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

Stay on top of crypto news, get daily updates in your inbox

Related News

Cryptopolitan
Subscribe to CryptoPolitan