The virtual currency exchange OKX announced on December 29th that the prices of several privacy-focused virtual currencies such as Zcash (ZEC) and Monero (XMR) will be delisted on January 5th as they are not suitable for listing. As a result, the stock price fell the previous day. standard.
data from crypto slate We can see that the entire “Privacy Crypto” sector has decreased by 3.4%, impacting all major cryptocurrencies. During the reporting period, leading privacy coins such as Monero and Zcash fell by 2.4% and 9.37%, respectively.
Other tokens to be delisted by OKX include Dash, Powerpool, and Horizen, which have fallen by up to 14% during the reporting period.
“The Company will delist the above trading pairs at the above delisting time. We recommend that you cancel orders related to these trading pairs before they are delisted. Otherwise, The system will automatically cancel these orders. Cancellations may take 1-3 business days,” OKX added.
At the same time, OKX will suspend deposits of the affected cryptocurrencies and will halt withdrawals by March 5, 2024 to allow holders sufficient time to withdraw their assets. Nevertheless, once the delisting process is completed, trading of these digital assets will become impossible.
Interestingly, certain privacy coins like MINA remain listed on exchanges and have experienced a 7.5% increase following this delisting announcement.
However, it is worth noting that OKX is not exclusively delisting privacy tokens. The exchange also included other trading pairs belonging to digital assets such as Kusama, Flow, Kyber Network and Aragon among the assets to be delisted.
Why is OKX delisting privacy coins?
Although OKX did not clearly spell out the reasons behind its decision, observers have suggested that the move may have been influenced by the exchange's efforts to comply with regulatory measures. There is.
Privacy coins have come under regulatory scrutiny due to concerns that they could be used for illegal activities within the cryptocurrency space.
Earlier this year, Binance announced that it would delist several privacy coins in accordance with local laws and regulations.
