Okx Follows Binance in Delisting Privacy Tokens
In response to the ongoing debate surrounding Binance’s removal of privacy coins, Okx, a cryptocurrency exchange, has announced its decision to delist several spot trading pairs associated with privacy tokens like monero, zcash, and dash. Okx cites user feedback and its own guidelines for delisting as the reasons behind this move.
Increased Regulatory Pressure Affects Privacy Tokens
Once again, privacy coins are facing delistings as regulatory and compliance requirements become stricter in 2023. Okx plans to remove 20 trading pairs, ending their operations on January 5, 2024. Deposits for ZEN, XMR, CAPO, DASH, FSN, CVP, ZKS, and ZEC have already been halted, and withdrawals for these coins are expected to be suspended on March 5, 2024.
Delisting Criteria Based on User Feedback and Guidelines
In order to ensure a strong spot trading environment, Okx constantly evaluates the performance and qualifications of listed trading pairs. The exchange’s decision to delist certain trading pairs is guided by user feedback and its own Token Delisting/Hiding Guidelines.
Privacy Advocates Express Discontent
Advocates for privacy have expressed dissatisfaction with the delisting actions of both Okx and Binance. However, there are those who argue that the absence of exchange support will not hinder the success of certain privacy coins.
Privacy Coin Market Takes a Dive
Following the delisting announcement, the value of many privacy coins experienced a significant drop. The entire privacy coin market witnessed a decline of over 6% against the U.S. dollar, with XMR falling by 3.6%, ZEC decreasing by 11.3%, and DASH losing 9% within 24 hours.
Hot Take: Delisting of Privacy Coins Raises Concerns
Okx’s decision to remove trading pairs linked to privacy tokens raises concerns within the crypto community. While some argue that privacy coins will continue to thrive despite exchange support, others view the delistings as a challenge for privacy-focused cryptocurrencies. The ongoing regulatory pressure and compliance requirements have led to a major delisting wave, impacting the privacy coin market and prompting discussions about the future of privacy in the crypto space.
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