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OKX has announced the delisting of several privacy-focused tokens from its platform. This includes the widely recognized privacy token Monero (XMR), along with Dash (DASH), Zcash (ZEC) and Horizen (ZEN). Starting Dec. 27, 2023, deposits for these tokens, along with Fusion (FSN), ZKSwap (ZKS), Capo (CAPO) and PowerPool (CVP), will be suspended. Following this, the trading pairs associated with these assets will be delisted on Jan. 4 and 5, 2024.
The move by OKX could be seen as a response to increasing regulatory pressure. Privacy coins like XMR have been lauded for their robust privacy features, which make transactions nearly untraceable. However, this level of anonymity poses a challenge for centralized exchanges, which are under growing scrutiny to comply with anti-money laundering (AML) and know your customer (KYC) regulations, particularly as they seek to legalize operations in various jurisdictions.
The impacted trading pairs are KSM-USDC, FLOW-USDC, JST-USDC, KNC-USDC, ANT-USDC, FSN-USDT, ZKS-USDT and others. Users are advised to cancel any orders pertaining to these pairs ahead of the delisting to avoid automatic cancellation by the system.
None of the assets facing delisting have shown exceptional market performance recently, which may imply a muted response from the trading community. However, the implications of such delistings are profound, as they signal a shift away from centralized exchanges for trading privacy-focused cryptocurrencies.
Gamza KhanzadaevLooking ahead, the future of these privacy coins may pivot toward decentralized trading solutions like atomic swaps. Atomic swaps allow for peer-to-peer exchange of different cryptocurrencies without the need for a trusted third party, thus aligning with the privacy-preserving ethos of these tokens.
The delisting of privacy coins from OKX is emblematic of the broader industry trend where exchanges must navigate the complex terrain of regulatory compliance while catering to a diverse user base seeking both transparency and privacy.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team