By Bitcoin.com - 4 months ago - Reading Time: 2 minutes
Okx to Cut Ties With Privacy Coins Amid Regulatory Heat, Triggering Market Dip
In light of the ongoing dialogue around Binance’s removal of privacy coins, the cryptocurrency exchange Okx has declared the removal of various spot trading pairs linked to privacy tokens such as monero, zcash, and dash. Okx attributes its decision to remove these offerings to “feedback from users” along with the exchange’s established guidelines for delisting.
Privacy Tokens Take a Hit: Okx Joins Binance in Major Delisting Wave
Once more, privacy coins face removals as regulatory and compliance requirements intensified significantly throughout 2023. Okx revealed the removal of 20 trading pairs, set to cease operation after Jan. 5, 2024. Two days prior on Dec. 27, Okx halted deposits for ZEN, XMR, CAPO, DASH, FSN, CVP, ZKS, and ZEC. The suspension of withdrawals for these coins is slated for March 5, 2024.
“In order to maintain a robust spot trading environment, we constantly monitor the performance of all listed trading pairs and review their listing qualifications on a regular basis,” the exchange details. “Based on feedback from users and the Okx Token Delisting / Hiding Guideline, we will be delisting several trading pairs that do not fulfill our listing criteria.”
Advocates of privacy are expressing discontent with the delisting moves by Okx and Binance. Conversely, some argue that they are indifferent and that certain privacy coins will continue to thrive regardless of support from exchanges.
Following the announcement, a significant dip occurred in the value of many privacy coins on Friday, with the entire privacy coin market declining over 6% against the U.S. dollar. XMR fell 3.6%, ZEC decreased by 11.3%, and DASH lost 9% in a 24-hour period.
What do you think about Okx delisting privacy coins? Share your thoughts and opinions about this subject in the comments section below.
Original source: Bitcoin.com