Cryptocurrency exchange OKX has announced the delisting from January 5 of a number of anonymity-enhanced cryptocurrencies, including Monero (XMR), Zcash (ZEC), Dash and Horizen (ZEN). The decision, motivated by “maintaining a robust cash trading environment”, has also led to the suspension of deposits of these tokens since December 27.
OKX delists some anonymity-enhanced cryptocurrencies
In a relatively surprising move, and without giving any really clear explanation, cryptocurrency exchange OKX has announced that it will be delisting certain anonymity-enhanced cryptos from January 5.
According to the company’s press release published on December 29, the cryptos concerned include Monero (XMR), Zcash (ZEC), Dash and Horizen (ZEN). Certain pairs composed of USDT or USDC, which include KSM, FLOW, KNC, JST or ANT, will also be withdrawn from OKX one day earlier, on January 4, 2024.
Screenshot of OKX press release with affected cryptocurrency pairs
OKX was rather vague about its motivations behind this decision, arguing in particular that it was aimed at “maintaining a robust spot trading environment”:
“We constantly monitor the performance of all listed trading pairs and regularly review their listing qualifications. Based on user feedback and the OKX Token Delisting / Hiding Guideline, we will be delisting several trading pairs that do not meet our listing criteria. “
Aside from the trading pairs we’re talking about, OKX has indicated that it has been impossible to deposit FSN, ZKS, CAPO, CVP, XMR, DASH, ZEC, and ZEN tokens on its platform since December 27. Withdrawals of these same cryptocurrencies will be suspended on March 5, 2024.
Anonymized cryptocurrencies, as their name suggests, are used to carry out transactions in a more or less concealed manner. Unsurprisingly, these are rather frowned upon from the point of view of the various regulators, as cryptos are sometimes affiliated, in their view, with money laundering or various fraudulent uses. The same applies to cryptocurrency mixers such as Tornado Cash, for example.
Other cryptocurrency exchanges, such as HTX or Binance (although the platform has since reversed its decision), had also taken the decision to delist this type of crypto in certain jurisdictions. OKX, which recently received its registration as a digital asset service provider (DASP), could thus try to show its credentials.
OKX is one of the largest cryptocurrency exchange platforms in the ecosystem, with over $2.7 billion in volume traded over the last 24 hours. It accounts for 324 different cryptocurrencies across a total of 483 trading pairs.
