- OKX is removing leading privacy tokens such as Dash, Monero, Zcash
- Deposits have been suspended; withdrawals will be suspended on March 5
OKX announced it would delist a number of cryptocurrencies and trading pairs they figured in based on feedback from users and incompliance of the tokens with OKX guidelines, the leading crypto exchange and Web3 platform wrote in a post on its website.
OKX officially announced plans to remove leading privacy tokens such as Dash, Monero, Zcash, and Horizen. The exchange will remove a total of 11 trading pairs with those tokens early next year.
Deposits are already suspended
The exchange wrote that it suspended the deposits of the tokens at 8:00 am UTC on December 27, 2023. The tokens in question are FSN, CVP, XMR, ZKS, CAPO, DASH, ZEC, and ZEN. Users are asked to “manage assets promptly.” After the tokens are delisted, assets can be found under Assets > Funding > Untradable assets.
Token withdrawal ends on March 5
Token withdrawal will be suspended on March 5 next year. This applies to the same tokens listed above. The exchange assured that they would keep monitoring all the pairs listed and implement the delisting mechanism as needed.
OKX’s team added that the exchange is always monitoring how trading pairs perform and regularly reviews their listing qualifications in order to maintain reliable spot trading.
The company’s decision was made in consideration of user feedback and OKX token delisting guidelines.
Why privacy coins?
One can’t help but notice that a lot of the cryptos OKX delisted are so-called privacy coins. These are cryptocurrencies that preserve anonymity by concealing cash flow across their networks. They make it hard to see the details of financial transactions and money transfers.
This makes them popular with people who want to conceal their financial activity and unpopular with law enforcement, even in progressive jurisdictions. For example, Monero and Zcash were banned in Dubai earlier this year.
If OKX purposefully removed privacy coins, this makes its actions inexplicable. The exchange recently integrated the privacy-preserving Shade Protocol.
