OKX to Delist Privacy Coins Monero, Zcash and Dash in 2024
Major crypto exchange OKX announced it would delist several prominent privacy-focused cryptocurrencies, including Monero, Zcash, and Dash, in early 2024. According to the details from a recent announcement, the exchange is delisting these coins due to concerns over its listing criteria.
Key Takeaways
- OKX will remove a total of 20 trading pairs involving the privacy coins starting January 4–5, 2024.
- The exchange cited “feedback from users” and its internal token delisting guidelines as motivating the decision.
- Prices for the affected cryptocurrencies dropped nearly 10% following the announced delisting.
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No Explicit Rationale Provided By OKX
In its notice, OKX did not explicitly state it was delisting the coins over privacy or regulatory issues. However, the timing aligns with intensifying regulatory pressure on financial privacy.
“We have suspended the deposits of the tokens mentioned above: FSN, ZKS, CAPO, CVP, XMR, DASH, ZEC, and ZEN starting from 8:00 am UTC on December 27, 2023,” stated the announcement.
OKX allows users extensive anonymity protections for trading and transfers. Hence, removing privacy-centric assets could suggest a repositioning strategy amid the industry’s ongoing regulatory struggle.
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Upon the release of the notice, trading prices for Monero, Dash, and Zcash immediately sank by around 10% as investors reacted to reduced accessibility from one of crypto’s largest exchanges.
Privacy coins preserve user anonymity by obscuring transaction sources and destinations, preventing tracking and surveillance, unlike transparent blockchains. Hence, OKX delisting Monero, Dash, Zcash, and others exemplifies the growing pressure faced by privacy protocols amid the ongoing crypto compliance era.
