OKX Crypto Exchange Announces Plans to Delist Privacy Coins in 2024 – What's Going On?

Question

Last updated: December 29, 2023 05:53 EST . 2 min read

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.Source: AdobeStock / Krakenimages.comCrypto exchange OKX will delist eight privacy-focused coins in a few days. These include monero (XMR), zcash (ZEC). and dash (DASH), among others.

According to the press release, besides the above-mentioned XMR, ZEC, and DASH, the move will also affect FSN, ZKS, CAPO, CVP, and ZEN.

Suspension and Delisting

OKX has already suspended the deposits of the eight tokens listed above on December 27, 2023.

“Please manage your assets ly,” it advised.

The withdrawals will also be suspended, but that will happen on March 5, 2024.

The exchange stated that, in order to maintain “a robust spot trading environment,” the team is constantly monitoring the performance of all listed trading pairs. Furthermore, it reviews their listing qualifications.

OKX stated that,

“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 that in mind, it said it would delist twenty trading pairs in early January next year – so in less than a week.

These involve bitcoin (BTC), ethereum (ETH), USDC coin (USDC), and tether (USDT).

To be more precise, on January 4, the exchange will delist KSM-USDC, FLOW-USDC, JST-USDC, KNC-USDC, ANT-USDC, FSN-USDT, ZKS-USDT, CAPO-USDT, and CVP-USDT.

The following day, it will do the same for XMR-BTC, XMR-ETH, XMR-USDT, XMR-USDC, DASH-BTC, DASH-USDT, ZEC-BTC, ZEC-USDT, ZEC-USDC, ZEN-BTC, and ZEN-USDT.

The exchange added that users should cancel orders pertaining to these trading pairs before the delisting.

If they do not, the will automatically cancel the orders. The cancellation may take 1-3 working days.

Nearly 500 Pairs Listed

OKX has 324 coins and 482 trading pairs available at the moment, according to CoinGecko. It has $12.3 billion in Exchange Reserves.

Furthermore, it is one of the top 10 exchanges by volume. The exchange’s 24-hour volume is $3.2 billion, representing a 12% drop over the last day.

The most active trading pair is BTC/USDT, with a 24-hour volume of $589 million.

ETH/USDT, SOL/USDT, ORDI/USDT, and FIL/USDT follow.

Eight of the top 10 pairs involve USDT and two USDC.

Source: coingecko.comMeanwhile, in October, OKX released its proof of reserves of all customer funds in light of the FTX fiasco and Grayscale’s failure to prove their reserves, it said. The exchange controlled BTC, ETH, and USDT in excess of 100% of user holdings, meaning that all assets were backed 1:1 or more.

In November, OKX announced its official launch in Brazil, offering users advanced crypto features, including trading and staking rewards.

Earlier in December, on-chain analytics firm CCData’s Exchange Review found that Upbit, Bybit, and OKX made the largest gain in spot market share year-to-date. They increased their dominance by 6.39%, 4.89%, and 3.86% to 9.20%, 5.80%, and 7.41%, respectively.