One of the leading crypto exchanges, OKX, has declared its intention to delist privacy-based crypto assets on its platform effective January 4, 2024. The move from the exchange comes to satisfy its customers’ feedback and operational requirements and has left the crypto community with wide speculations.
OKX’s Delisting and Suspension Of Some Crypto Tokens And Pairs
Revealed via a December 29 announcement, OKX’s delisting move affected several privacy-based crypto tokens, including Monero (XMR), ZCash (ZEC), and Dash (DASH). The exchange plans to delist some trading pairs that involve some of the affected coins on January 5, 2024.
Moreover, some of the trading pairs include some prominent assets like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).
As of December 27, OKX had suspended deposits of some affected coins on the platform. These include (XRM), Dash (DASH), ZCash (ZEC), FSN, ZKS, ZEN, CAPO, and CVP.
However, the exchange provided users the opportunity to manage their assets promptly. It noted that its suspension for withdrawals of the listed assets will be effective on March 5, 2024.
The exchange said its decision is based on feedback from its users and its delisting guidelines. The firm reportedly focuses on the constant maintenance of robust spot trading conditions for its clients.
Further, the team is committed to consistent monitoring of the overall performance of all listed coins and trading pairs. As such, OKX reviews token listings at certain intervals.
OKX mentioned:
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.
According to its statement, OKX will delist FLOW-USDC, ANT-USDC, KSM-USDC, KNC-USDC, JST-USDC, ZKS-USDT, FSN-USDT, CVP-USDT, and CAPO-USDT on January 4.
The next day, it would delist XMR-BTC, ZEC-BTC, DASH-BTC, ZEN-BTC, XMR-ETH, XMR-USDC, XMR-USDT, DASH-USDT, ZEC-USDT, ZEN-USDT, ZEC-USDC.
Additionally, OKX mentioned that it expects users to cancel all orders regarding the pairs before the delisting date. Where they don’t, the exchange will automatically make the cancelations.
OKX’s Listing Record And Other Crypto Delisting Trends
Founded in 2017, OKX has proven its stance in the crypto industry as one of the prominent exchanges. According to data from crypto-tracking website CoinGecko, OKX boasts over $3 billion in daily crypto trades. The exchange has about 324 tokens and 482 trading pairs listed on its platform.
Also, its Exchange Reserves house up to $12.3 billion. Besides OKX, some crypto exchanges have previously delisted privacy-based coins. In May 2023, the leading crypto exchange, Binance, revealed plans to delist all privacy assets to clients in France and Italy.
However, it later piped down the move the following month. HTX, formerly Huobi crypto exchange, declared the delisting of seven privacy-focused tokens in September 2022.
The firm related its decision to comply with crypto coins’ indulgence and management policy.
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