OKX Suspension Hits Privacy Tokens DASH, ZCH, XMR: A Deep Dive

• Privacy Coins Witness a Decline Following OKX Exchange Delisting
• Reasons Behind the Delisting
• The Appeal of Privacy Coins
• UPDATE (Dec. 29, 09:55 UTC): Information about privacy coins added in final paragraph.

Privacy Coins Witness a Decline Following OKX Exchange Delisting

Privacy-oriented cryptocurrencies such as dash (DASH), monero (XMR), and ZCash (ZCH) experienced a significant drop, as much as 10%, following an announcement by major cryptocurrency exchange, OKX. The exchange stated on Friday that these currencies would be delisted from their trading pairs come January 5.

Reasons Behind the Delisting

Based on responses from users and the OKX Token Delisting / Hiding Guideline, OKX is set to delist several trading pairs that do not fulfill their listing criteria, according to a post on their website. Although not explicitly mentioned, it appears the delisting majorly affects coins that provide enhanced privacy for transactions, a feature common to the aforementioned cryptocurrencies.

The Appeal of Privacy Coins

Privacy coins are a unique type of cryptocurrency designed to uphold anonymity by concealing the flow of funds across their networks. This makes it challenging for third parties to trace transactions, ensuring that the sender and receiver of funds remain anonymous. While this feature can be beneficial to users who prefer to keep their financial activities private, these privacy coins are not generally favored by regulatory bodies.

UPDATE (Dec. 29, 09:55 UTC): Information about privacy coins added in final paragraph.

Edited by Jonathan Stoker