Privacy-Focused Altcoins Experience Price Declines as OKX Announces Delisting
A trio of privacy-focused altcoins, Monero (XMR), Zcash (ZEC), and Dash (DASH), are witnessing drops in their prices following an announcement by crypto exchange platform OKX that it will delist them. In a recent blog post, OKX stated that these cryptocurrencies no longer meet the company’s listing criteria, although the exact reason was not disclosed.
OKX emphasized its commitment to maintaining a strong spot trading environment by regularly monitoring the performance and qualifications of all listed trading pairs. As a result, several trading pairs, including Monero, Zcash, and Dash, will be delisted. Users are advised to cancel any orders involving these virtual currencies immediately.
The removal of these altcoins’ pairings with stablecoins like Tether (USDT) and USDC, as well as their pairings with Bitcoin (BTC), is scheduled for either January 4th or 5th. Deposits for these tokens have already been suspended since the 27th of December 2023, while withdrawals will be halted on March 5th, 2024.
OKX is also delisting other digital assets such as Fusion (FSN), ZKSpace (ZKS), and Horizen (ZEN). The news of the delisting has caused Monero, Zcash, and Dash to experience price declines of 6.5%, 10.4%, and 10.6%, respectively, over the past 24 hours.
Hot Take: Delisting Impact on Privacy-Focused Altcoins
The decision by OKX to delist Monero, Zcash, and Dash has led to significant price drops for these privacy-focused altcoins. While OKX cites the reason for delisting as the failure to meet listing criteria, the move raises questions about the future of privacy coins on major exchanges. The delisting also highlights the potential challenges faced by altcoins that prioritize privacy features, as regulatory scrutiny and compliance concerns continue to shape the cryptocurrency landscape. As the industry evolves, it remains to be seen how privacy-focused altcoins will adapt and find support from other platforms and investors.
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