Cryptocurrency exchange OKX has announced its decision to delist several major privacy-focused cryptocurrencies, including Monero, in early 2024. The move, officially communicated on December 29, is in response to user feedback and aligns with OKX’s token delisting guidelines.
Delisting Details and Timeline
OKX will delist trading pairs involving prominent privacy tokens such as Monero, Zcash, and partly private coins like Dash and Horizen. A total of 11 trading pairs related to these tokens will be removed on January 5, 2024, with the exchange citing the need to maintain a robust spot trading environment.
OKX’s announcement of delisting privacy and privacy-related coins. Source: OKX
Deposits for specific privacy-related coins, including XMR, DASH, ZEC, and ZEN, were already suspended on December 27. Furthermore, OKX will halt withdrawals of these coins starting from March 5, 2024. The exchange emphasizes its commitment to monitoring all listed trading pairs and implementing delisting or hiding mechanisms when deemed necessary.
OKX Exchange Background
As one of the world’s largest cryptocurrency exchanges, OKX handles a daily trading volume of at least $3 billion, according to data from CoinGecko. The exchange currently lists 482 trading pairs, including those involving Monero, Dash, Zcash, and Horizen.
Industry Trends and Past Delisting Attempts
OKX’s decision follows a series of delisting attempts by other cryptocurrency exchanges. In September 2022, Huobi announced plans to delist seven privacy-related coins, citing token management policies and compliance efforts. Similarly, in May 2023, Binance initially declared its intention to delist all privacy tokens in specific countries but later reversed this decision in June.
At present, Binance continues to list Monero and Zcash trading pairs, highlighting the ongoing debate within the industry regarding privacy-focused cryptocurrencies. Huobi, too, lists XMR/USDT and ZEC/USDT trading pairs, reflecting the varied approaches taken by different exchanges in navigating the regulatory landscape.
The OKX delisting announcement underscores the complex interplay between user feedback, compliance considerations, and the evolving regulatory environment shaping the cryptocurrency industry.
