The crypto exchange will delist eight tokens for failing to meet its listing criteria, including privacy tokens XMR, DASH, ZEC and ZEN.
Privacy coin prices fell.
Photo by Dayne Topkin on Unsplash
Posted December 29, 2023 at 3:03 pm EST.
Cryptocurrency exchange OKX will delist more than 20 trading pairs that feature eight tokens next week for failing to meet its listing criteria. OKX didn’t specify additional reasoning, but half those tokens are privacy coins.
Privacy tokens, a class of digital assets known for their ability to conceal or obscure transaction details, are a significant portion of the delisting. These tokens, while loved by some for their enhanced privacy features, are often at odds with regulators who tend to emphasize transparency and anti-money laundering (AML) compliance.
“Based on feedback from users and the OKX Token Delisting / Hiding Guideline, we will be delisting several trading pairs that do not fulfill our listing criteria,” according to a notice on the OKX website.
The full list of tokens facing delisting includes Fusion (FSN), ZKSpace (ZKS), ILCAPO (CAPO), PowerPool (CVP), Monero (XMR), Dash (DASH), Zcash (ZEC), and Horizen (ZEN). Among these, Monero, Zcash, Dash, and Horizen are recognized as privacy coins, employing various technologies to enhance transaction privacy. The other tokens range from memecoins to the native tokens of a decentralized exchange, financial platform and miner network, respectively.
OKX has scheduled the delisting process to occur between Jan. 4 and 5, from 8 to 8:30 am UTC. The exchange ceased accepting deposits of these tokens on December 27th, although withdrawals will remain open until March 5th.
The included privacy coins are dropping after the announcement. Monero (XMR) is down more than 7% to $163.25, Zcash (ZEC) is down 10.5% to $28.54, Dash is down 10% to $32.79, and Horizen down nearly 13% to $9.59 in the past 24 hours.
