Popular Crypto Exchange Removes Privacy Coins, Prices Fall

On Friday, crypto exchange OKX announced that it would be removing several “privacy tokens” from the trading platform. Privacy tokens are crypto coins that guarantee anonymity. Due to OKX’s election, several privacy tokens dropped significantly in value.

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OKX removes privacy cryptocurrency

OKX has announced that it will suspend trading in Monero (XMR), Dash (DASH), Zcash (ZEC) and Horizen (ZEN) on January 5th. The selection was made based on “user feedback” and “OKX guidelines”. OKX reports the following via a message on its website.

“Based on user feedback and the OKX delisting/hiding policy, we will delist several trading pairs that do not meet our criteria.”

Privacy coins hide the transaction flow on their network. This obscures the anonymity of the users. The networks make it very difficult to identify who or what is behind a particular transaction.

Privacy coins are therefore very popular with parties who do not want to reveal too much information, such as criminal organizations. For this reason, privacy coins are not exactly popular with lawmakers.

Although the crypto exchange does not explicitly mention this, this is most likely the reason why OKX decides to remove the tokens from the platform.

Monero, Dash and more are losing value

XMR, DASH, ZEC and ZEN all saw sharp declines due to the announcement. In addition to the four privacy coins, nine additional coins will be created delisted. The exact reason for the delisting of these coins is also not explicitly explained.

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OKX is not the first exchange to delist privacy coins. Huobi also did this in September 2022. And earlier this year, Binance also announced that it would delist privacy tokens in Europe. However, following criticism from the crypto community, Binance’s decision was reversed in June.

OKX has developed into a renowned crypto exchange in recent years. The exchange processes a volume of at least $3 billion daily. Therefore, based on volume, OKX only has to beat Binance.

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