OKX Removes 8 Privacy Cryptocurrencies From Its Exchange

✍️ 29 December, 2023 - 14:27 👤 Editor: Jakub Motyka

• OKX announces the delisting of several privacy-focused tokens, including Monero (XMR) and Dash (DASH), in response to growing regulatory pressure.
• Starting December 27, 2023, deposits for these tokens are suspended, and the associated trading pairs will be removed on January 4 and 5, 2024.
• The latest news about cryptos on our Telegram channel.

OKX, one of the main cryptocurrency exchange platforms, has announced the elimination of several privacy tokens to, according to the exchange, improve the security of your platform.

This decision includes the elimination as of December 27 of Monero (XMR), Dash (DASH), Zcash (ZEC) and Horizen (ZEN), among others.

Deposits for these tokens, along with Fusion (FSN), ZKSwap (ZKS), Capo (CAPO) and PowerPool (CVP), will be suspended. Subsequently, the trading pairs associated with these assets will be removed on January 4 and 5, 2024.

Users are advised to cancel any orders related to these pairs before deletion to avoid automatic cancellation by the system.

Why OKX Decided To Eliminate Privacy Cryptocurrencies Like Monero (XMR) Or Dash (DASH)

OKX's decision can be interpreted as a response to growing regulatory pressure. Privacy cryptocurrencies like Monero (XMR) have always stood out for their privacy features, which make transactions almost impossible to trace.

This level of anonymity represents a challenge for centralized exchanges, which are under great scrutiny to comply with anti-spoofing regulations, money laundering and know your customer (KYC), especially as they seek to legalize operations in various jurisdictions.

Although neither asset has shown exceptional performance in the market recently, the implications of such developments are large, as they signal a move away from centralized exchanges for the trading of privacy-focused cryptocurrencies.

The future of these cryptocurrencies could turn towards decentralized trading solutions such as atomic swaps, which allow the exchange between pairs of different cryptos without the need for a trusted third party.

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