- OKX to end support for privacy coins like ZEC, DASH, XMR, ZEN.
- OKX stopping deposits for privacy coins, withdrawals to cease by March 5, 2024.
- Regulatory concerns prompt exchanges to delist privacy-focused cryptocurrencies globally.
As 2024 commences, the international cryptocurrency trading platform OKX will cease to support several privacy-focused cryptocurrencies. On December 29, OKX officially declared that it would eliminate trading pairs that involve prominent privacy-centric cryptocurrencies such as Zcash (ZEC), Dash (DASH), Monero (XMR), and Horizen (ZEN), in addition to coins with partial privacy features.
Per the announcement, the OKX platform is set to remove eleven trading pairs involving certain tokens on January 5, 2024. Additionally, as of December 27, OKX has ceased accepting deposits for privacy-centric cryptocurrencies such as XMR
Exchange’s Official Statement Issued:
“We will continue to monitor all listed trading pairs and implement the delisting/hiding mechanism as necessary.”
Increasing Oversight from Regulators
As of the time of this statement, OKX has listed 482 trading pairs, which include four that feature Monero, two with DASH, three with ZEC, and two that utilize ZEN.
OKX has previously taken steps to remove or make efforts to remove tokens associated with privacy from its platform. This action aligns with similar decisions by other exchanges. For instance, in September 2022, the cryptocurrency exchange Huobi announced plans to remove seven privacy-centric coins, citing the need to adhere to their token management rules.
In May 2023, Binance announced plans to remove all privacy coins from its listings in specific nations, such as France and Italy, yet in June of the same year, it reversed this decision.
Worldwide, government bodies are expressing concerns over the potential exploitation of privacy-focused cryptocurrencies for illicit acts like laundering money, evading taxes, and financing terrorism due to the challenges law enforcement faces in monitoring anonymous transactions.
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