Key takeaways:
- OKX is set to remove a range of alternative cryptocurrencies from its platform such as Monero, Zcash, and Dash.
- More than 20 trading pairs will be delisted next week
In a significant move within the cryptocurrency space, OKX, the second-largest offshore exchange, has revealed its decision to delist and suspend trading for several privacy-focused tokens. This decision, effective from December 27, targets tokens such as FSN, ZKS, CAPO, CVP, XMR, DASH, ZEC, and ZEN, along with their corresponding trading pairs.
The delisting process will unfold in stages, with certain pairs set to be removed on January 4, followed by others the subsequent day. Notably, widely traded assets like Monero (XMR), Dash (DASH), and Zcash (ZEC) will be impacted during the second phase of this initiative.
OKX has urged its user base to promptly cancel any open orders associated with the affected tokens before the specified deadline. While the exchange has not explicitly stated that the delisting is due to concerns over enhanced privacy features associated with these tokens, many of the affected assets do fall into the category of privacy-centric cryptocurrencies.
The decision to delist these tokens appears to be rooted in user feedback and a specific program employed by OKX that assesses whether trading pairs align with the platform’s listing criteria
. On its official website, OKX stated, “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.”
With a daily trading volume of at least $3 billion in cryptocurrencies, OKX is among the largest cryptocurrency exchanges globally, boasting a total of 482 trading pairs at the time of writing.
This move underscores OKX’s commitment to maintaining high standards and offering users a trading environment that adheres to established criteria for quality and performance.
The exchange emphasized its ongoing dedication to optimizing its offerings and ensuring a secure and efficient spot trading experience for users.
Notably, this announcement follows a recent security incident where OKX’s decentralized exchange (DEX) experienced a significant hack, resulting in a loss of $2.7 million. The breach was attributed to the leaked private key of the proxy admin owner.
This decision by OKX aligns with a broader trend in the cryptocurrency industry, as several exchanges have previously delisted or attempted to delist privacy or privacy-related tokens.
In September 2022, Huobi, another major cryptocurrency exchange, announced plans to delist seven privacy-related coins, citing its token management policy and compliance efforts.
The move by OKX is indicative of the evolving regulatory landscape and the exchanges’ proactive measures to address potential concerns surrounding privacy-focused cryptocurrencies.
