Key Takeaways
- OKX plans to delist several privacy-focused cryptocurrencies, including Monero and Zcash, in early 2024.
- The decision was based on user feedback and the crypto exchange's policy to maintain a robust trading environment.
- Other major crypto exchanges like Huobi and Binance have also navigated similar decisions regarding privacy tokens.
Cryptocurrency enthusiasts brace for a major shift in the industry as OKX, a global crypto exchange, announces its plan to delist several privacy-focused cryptocurrencies, including Monero (XMR), Zcash (ZEC), Dash (DASH), and Horizen (ZEN) in early 2024.
This move is part of the crypto exchange's strategy to maintain a robust trading environment and align with user feedback.
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OKX's decision, revealed on December 29th, involves eliminating 11 trading pairs with these privacy tokens starting January 5th, 2024.
In its announcement, the cryptocurrency exchange stated:
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 crypto exchange also stopped deposits for these privacy coins on December 27th and plans to halt withdrawals from March 5th, 2024.
OKX, known for a daily trading volume of at least $3 billion and listing 482 trading pairs, has been actively monitoring and adjusting its offerings to maintain market integrity.
However, this move is not unique to OKX. In September 2022, another major crypto exchange, Huobi, announced the removal of seven privacy-related coins, citing compliance and policy considerations. Binance, too, faced a similar scenario in May 2023 in France and Italy, although they reversed the decision a month later.
OKX's decision to delist privacy-focused cryptocurrencies reflects a growing trend among major exchanges, balancing market integrity with regulatory compliance and signaling a significant shift in the crypto industry's approach to privacy tokens.
