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Cryptocurrency exchange OKX has announced its decision to delist several privacy-focused cryptocurrencies, including Monero (XMR) and Dash (DASH), as well as stablecoins USD Coin (USDC) and Tether (USDT) from trading pairs with Bitcoin (BTC).
The delisting is scheduled for January 4 and 5, 2024, and has left the crypto community curious about the motivations behind this strategic decision.
Starting from December 27, 2023, deposits for the affected tokens will be suspended, including XMR, ZEC, DASH, FSN, ZKS, CAPO, CVP, and ZEN. Asset withdrawals, however, will face suspension on March 5, 2024, providing users with a window to manage their assets promptly.
OKX representatives stated that the decision is driven by the exchange's commitment to maintaining a "robust spot trading environment." The team reportedly monitors the performance of all listed trading pairs and regularly reviews their listing qualifications to ensure optimal market conditions.
OKX's Principles in Token Listing
The CEO of OKX has previously outlined five fundamental principles guiding the company in choosing cryptocurrencies for listing. Transparency and adherence to specific criteria for spot and futures trading are among the criteria emphasized by the CEO.
The exchange, with its current roster of 324 coins and 482 trading pairs, boasts $12.3 billion in Exchange Reserves and holds a position among the top 10 exchanges by volume.
Industry Trends and Previous Delistings
OKX's move to delist privacy tokens follows a trend observed in the crypto industry. Other exchanges, including Huobi and Binance, have previously delisted or attempted to delist privacy or privacy-related tokens.
Huobi, in September 2022, delisted seven privacy-related coins, citing token management policies and compliance efforts. Binance, in May 2023, initially announced plans to delist all privacy tokens in specific countries, only to reverse the decision in June.
OKX's 24-hour volume stands at $3.2 billion, reflecting a 12% decrease over the last day. The most active trading pair on the platform is BTC/USDT, with a 24-hour volume of $604 million.