Okx to Cut Ties With Privacy Coins Amid Regulatory Heat, Triggering Market Dip

In mild of the continued dialogue round Binance’s elimination of privateness cash, the cryptocurrency change Okx has declared the elimination of varied spot buying and selling pairs linked to privateness tokens reminiscent of monero, zcash, and sprint. Okx attributes its resolution to take away these choices to “suggestions from customers” together with the change’s established tips for delisting.

Privacy Tokens Take a Hit: Okx Joins Binance in Major Delisting Wave

Once extra, privateness cash face removals as regulatory and compliance necessities intensified considerably all through 2023. Okx revealed the elimination of 20 buying and selling pairs, set to stop 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 cash is slated for March 5, 2024.

“In order to keep up a strong spot buying and selling atmosphere, we continuously monitor the efficiency of all listed buying and selling pairs and assessment their itemizing {qualifications} frequently,” the change particulars. “Based on suggestions from customers and the Okx Token Delisting / Hiding Guideline, we will probably be delisting a number of buying and selling pairs that don’t fulfill our itemizing standards.”

Advocates of privateness are expressing discontent with the delisting strikes by Okx and Binance. Conversely, some argue that they’re detached and that sure privateness cash will proceed to thrive no matter assist from exchanges.

Following the announcement, a big dip occurred within the worth of many privateness cash on Friday, with all the privateness coin market declining over 6% in opposition to the U.S. greenback. XMR fell 3.6%, ZEC decreased by 11.3%, and DASH misplaced 9% in a 24-hour interval.

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