OKX Delisting Several Spot Trading Pairs
OKX, a major cryptocurrency exchange, has announced the removal of several spot trading pairs from its platform. The delisting process will occur in stages, with specific pairs being removed on different dates. Users are advised to cancel relevant orders in advance.
Popular Assets Involved
The second phase of the delisting effort will involve popular assets such as Monero (XMR), Dash (DASH), and Zcash (ZEC). OKX has advised customers to cancel orders related to these coins before the disclosed deadline.
Decision Based on User Feedback and Review Program
OKX made the decision to delist these pairs based on user feedback and a review program. The exchange constantly monitors the performance of all listed trading pairs and reviews their listing qualifications regularly to maintain a robust spot trading environment.
Price Impact and Deposit Suspension
The prices of some tokens have declined shortly after the announcement, but it’s unclear if it’s related to the OKX announcement or the broader market decline. Additionally, earlier this week, OKX suspended deposits for several assets and plans to halt withdrawals for those assets in March 2024.
Privacy Coins on Regulators’ Radar
Many of the pairs being delisted by OKX are privacy coins, which have attracted the attention of regulators. Dubai’s Virtual Assets Regulatory Authority (VARA) has already forbidden activities involving privacy coins like XMR and ZEC. European watchdogs have also shown a hostile stance toward privacy coins.
Binance Reverses Decision
In response to regulatory pressure, Binance previously announced that it would make privacy coins unavailable in certain countries but later reversed its decision.
Hot Take: OKX Delisting Popular Assets
OKX’s decision to delist several spot trading pairs, including popular assets like Monero, Dash, and Zcash, is based on user feedback and a review program. This move comes as privacy coins face increased scrutiny from regulators worldwide. The delisting process will occur in stages, and users are advised to cancel relevant orders before the deadline. The announcement has had an impact on the prices of some tokens, although it’s uncertain if it’s directly related to OKX’s decision. As regulatory pressure continues to mount, other exchanges may also reconsider their support for privacy coins.
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