Privacy Tokens DASH, ZCH, XMR Take Hit as OKX Says It Will Suspend Trading
More than 20 trading pairs will be delisted next week as they no longer meet the crypto exchange's listing criteria.
Dec 29, 2023 at 9:42 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/FGASC4FXABH53C2PNTWEB5M5BA.jpg)
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Privacy tokens dash (DASH), monero (XMR) and ZCash (ZCH) slumped as much as 10% as prominent crypto exchange OKX said Friday it will delist their trading pairs on Jan. 5.
“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,” OKX wrote on its website.
While OKX did not explicitly say it was banning the tokens because they offer enhanced privacy for transactions, many of those listed fall into that category.
Privacy coins are cryptocurrencies that preserve anonymity by obscuring the flow of money across their networks. They make it difficult to work out who sent what to whom – which is useful if you don’t want anyone snooping on your financial activity – and are not popular with regulators.
UPDATE (Dec. 29, 09:55 UTC): Adds description of privacy coins in last paragraph.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.