Bittrex delisting XMR, ZEC and DASH

[celot]

On January 15, anonymous coins XMR, ZEC, and DASH will be de listed with Bittrex exchange: https://twitter.com/BittrexExchange/status/1345056010981892096. The market has already reacted to this news by reducing the value of these coins.

"After the markets are removed, Bittrex generally seeks to provide users up to 30 days to withdraw any delisted tokens, but in certain instances the withdrawal period may be shortened. Users should withdraw any tokens before the posted withdrawal deadline". https://bittrex.zendesk.com/hc/en-us/articles/360054393492-Pending-Market-Removals-01-15-21

How do you feel about the news that Bittrex has prepared for us on January 1, 2021?

What happen with Bittrex have delisted many good coin, does they wanna get more profitable without responsibility with how much fees paid by XMR, ZEC and DASH when listing on Bittrex, I think if third coin still active and have good price without get problem like RIPPLE they should ask fees back from Bittrex because have delisted their coin, how ever without mistake Bittrex can't delist any coin from their exchange trading.

[1715135631]

1715135631

[Yogee]

After Ripple, now it's the turn of the privacy coin to be targeted.

Wrong. Privacy coins have been targeted since last year or 2019 with FATF's travel rule. Exchanges in Korea and also Shapeshift have delisted them before Bittrex did for the same reasons.

looks like this will not be good for the future. too many regulations put pressure on crypto. will this signal the end of the bull run?

How will it end the bull run when it's bitcoin that's leading the charge and these privacy coins are only riding on its back? The regulations may look bad if you look at it from maybe an ethical point of view but it still helped pump the price. Institutional investors prefer more regulations as they feel "safer' with their investments.

[tvplus006]

It may be quite a blow for the HOLDers of these coins, but it depends what will happen next and if others will follow the trend shortly.
Since it's not the first time anonymous coins got delisted and they still did pretty much recovered, it may just be a good opportunity to buy the dip.

I think that Bittrex will be followed by other American exchanges and this may temporarily further reduce the price of these coins. We have already seen this on exchanges in Japan and South Korea, where trading in anonymous cryptocurrency was completely banned in 2018.

[qwizzie]

On January 15, anonymous coins XMR, ZEC, and DASH will be de listed with Bittrex exchange: https://twitter.com/BittrexExchange/status/1345056010981892096. The market has already reacted to this news by reducing the value of these coins.

"After the markets are removed, Bittrex generally seeks to provide users up to 30 days to withdraw any delisted tokens, but in certain instances the withdrawal period may be shortened. Users should withdraw any tokens before the posted withdrawal deadline". https://bittrex.zendesk.com/hc/en-us/articles/360054393492-Pending-Market-Removals-01-15-21

How do you feel about the news that Bittrex has prepared for us on January 1, 2021?

I think Bittrex still considers Dash to be a privacy-centric coin, when in fact Dash has expanded its use cases over the years and no longer fit that label.
Dash used to be a privacy-centric coin in 2014/2015 when it introduced its optional privacy feature, but has since then focused on payments by making them instant, secure, protected
against double spending and instantly spendable by receivers.

Now Dash is focusing more to function as a decentralized platform where developers can create Dapps and store their Dapps data directly on the masternodes network (kinda like cloud storage) and making transactions far more user-friendly by introducing blockchain identities, blockchain usernames, paying to blockchain usernames, introducing a decentralized API.

Dash announces new update, social payment wallet enters testnet
https://cointelegraph.com/news/dash-announces-new-update-social-payment-wallet-enters-testnet


Source picture : from above article
Credits : tungfa on DashPay Reddit

Dash Launches Public Alpha for Social Payments Wallet
https://bitcoinist.com/dash-launches-public-alpha-for-social-payments-wallet/


Source picture : from above article

Dash Platform and the DashPay Dapp are currently live on Dash Testnet and are scheduled for release on Dash Mainnet in Q1, 2021
DashPay Dapp demo : https://www.youtube.com/watch?v=GtTaezpxQOs & https://www.youtube.com/watch?v=vw2CrHyQMVI
 
So i feel that Bittrex made its decision based on outdated information and based on a wrong perception of Dash, when it decided to delist Dash together with Monero and Zcash
(the last two are indeed privacy-centric coins)

Here is the response of Ryan Taylor, CEO of Dash Core Group about Bittrex decision to delist Dash without providing a specific reason : https://twitter.com/RTaylor05/status/1345158205685436416

[dance]

It's good that bad centralized exchanges are delisting coins. The more they remove the more clients will leave the exchanges.

And what are the good exchanges?

[qwizzie]

It's good that bad centralized exchanges are delisting coins. The more they remove the more clients will leave the exchanges.

And what are the good exchanges?

Decentralized exchanges (DEX) i guess, but the liquidity is just very low there and the fees very high.

Link : https://coinmarketcap.com/rankings/exchanges/dex/

The good exchanges are currently those large international operating exchanges that have a competent compliance department that understand the coins they have listed
and understand the regulation that is applicable to their exchange and their crypto listing (Kraken, Binance, Coinbase, Bitfinex etc)

It is the smaller centralized exchanges that are feeling unsure about the (mostly US) regulation and rather then putting time and money into setting up
internal monitoring tools, so they as exchange comply with FATF regulation (travel rule) and US-specific regulation, they rather just delist certain coins.

ShapeShift and Bittrex are examples of those smaller centralized exchanges / service providers that operate in such a bad manner.
Also to consider is how regulation differ between the US and the European Union. The EU Court of Justice prohibited the FATF travel rule in Europe because it
undermines the privacy of European citizens. They basically banned it in the EU. Same with the Privacy Shield, an privacy agreement between the US and the EU.
The EU Court of Justice invalidated that treaty in July 2020.

European exchanges operating in Europe have in general more relaxed crypto regulation, then US exchanges operating in the US.
Simply because in Europe privacy is valued higher and protected better, then in the US.

[Blitzboy]

Being controlled by the us laws is not ver convenient. Those coins have been a part of crypto world for a long time. Delisting only makes reputation of bittrex getting worse. But thats all they can do. If they do not comply the regulations, they will be forced to shut down the whole operations.

[oprahwindfury]

It was quite expected, genuinely. I expect security centered coins to go off-lattice surprisingly fast all things considered. In any case, then, security will turn out to be increasingly more pursued.

[Brindez_kromo]

I think they're looking for a safe way to close the loophole with the SEC,,chances are they don't want to get into trouble with the SEC and they're taking steps to remove the DASH coin ,ZEC ,XMR.
It's about regulation in U.S. countries and impacting the rest of world,we know they're based in the U.S. and very close to SEC oversight,they have regulatory and compliance issues,,
I think such a move could have a devastating impact on DASH, ZEC, XMR coins like XRP coins.

[Shasha80]

This is bad news for privacy coins supporter, like Bittrex doing this because of pressure from the SEC. As we know, the US government
has long been concerned about the existence of privacy coins, which are widely used for illegal activities. That's why Bittrex is looking to
secure it by delisting its privacy coins, hopefully this will only happen for exchanges based in the US. Since I am not a user of exchanges
based in US, I am not affected by the delisting privacy coins by Bittrex.

[FIFA worldcup]

Regulation and SEC is why bittrex delist these privacy coins, every exchanges in america will at one point in time do the same thing, anyways I'm just glad that there are many crypto exchanges that are outside US if not the end result won't be a good one

It does not matter if the exchange is within the US or outside the US. They will come out for the global regulations and all the exchanges will have to comply with them. They may reach out to the governments if any exchange outside US does not fulfil the requirements imposed by sec. 2021 will be the year of regulations and exchanges will have to rethink how they going to operate.

[celot]

After this announcement from Bittrex delisting XMR, ZEC and DASH price third coins dump but now have recovery and wake up again to higher price, some time I think this trick way did by developer to make people sell coin after bad news delisting from Bittrex, so they got moment waiting with lower price and buy again, then we know what developer did after buying coin, they will give good information from his coin and price back higher.

[tvplus006]

...I think such a move could have a devastating impact on DASH, ZEC, XMR coins like XRP coins.

We have already seen how XMR, ZEC and DASH were banned on exchanges in Japan and South Korea in 2018. Over time, the price of these coins stabilized, while trading was transferred to other exchanges. The same thing should happen now, the price of the coin should return to its previous values.

[qwizzie]

...I think such a move could have a devastating impact on DASH, ZEC, XMR coins like XRP coins.

We have already seen how XMR, ZEC and DASH were banned on exchanges in Japan and South Korea in 2018. Over time, the price of these coins stabilized, while trading was transferred to other exchanges. The same thing should happen now, the price of the coin should return to its previous values.

With regards to Dash being banned on exchanges in Japan : https://app.dashnexus.org/proposals/listing-dash-in-japan/updates
It is a long process trying to get through to the regulators there and change their perception about Dash, but hopefully one day Dash succeeds there and gets enlisted again.

[Bitum]

I assume that this tendency will continue with delisting anonymous coins. The big exchnage are forced to play this game, otherwise they get problems. It's just unbelievable, 2-3 years ago I couldn't imagine something like that, and today it's standard.

[Marble777]

I assume that this tendency will continue with delisting anonymous coins. The big exchnage are forced to play this game, otherwise they get problems. It's just unbelievable, 2-3 years ago I couldn't imagine something like that, and today it's standard.

even if I'm not mistaken I also heard the BinanceUS platform is planning to suspend Xrp from its list. but that applies to the next 13 January. I think since the SEC and XRP cases it has had an impact on other privacy coins as well. looks like this is the end of the privacy coin, especially Xrp.

[suzanne5223]

Being controlled by the us laws is not ver convenient.

In the US, the SEC and tax agency dont take everything that have to do with crypto easy and every exchange that cant comply with their rules/regulations have to quit their operations. Binance went through alot before Binance.us was able to operate in the US.

Those coins have been a part of crypto world for a long time. Delisting only makes reputation of bittrex getting worse.

Some people consider this to be bad for the delisted privacy coin/ Bittrex but thats not the situation. However, Bittrex not the top choice of the crypto community and it only use by some US customers so no reputation will be worse.

But thats all they can do. If they do not comply the regulations, they will be forced to shut down the whole operations.

Thats what will happen and they have no choice since they are CEX.

[tvplus006]

...I think such a move could have a devastating impact on DASH, ZEC, XMR coins like XRP coins.

We have already seen how XMR, ZEC and DASH were banned on exchanges in Japan and South Korea in 2018. Over time, the price of these coins stabilized, while trading was transferred to other exchanges. The same thing should happen now, the price of the coin should return to its previous values.

With regards to Dash being banned on exchanges in Japan : https://app.dashnexus.org/proposals/listing-dash-in-japan/updates
It is a long process trying to get through to the regulators there and change their perception about Dash, but hopefully one day Dash succeeds there and gets enlisted again.

I'm a little familiar with this problem that Dash has. But despite such a long time that has passed since delisting Dash, the problem is not solved. But I believe that Dash now has more potential to recover in price after the delisting message than XMR and ZEC.

[Ziskinberg]

Bittrex is slowly getting into trouble in terms of profitability due to regulations, for the reason that they are strictly complying, it has affected the reputation of the site and its profitability. it will not affect much the value of the coins because bittrex is not a giant anymore in the market unlike before, so this is a normal news, everything should have seen this coming.

While they delisted these assets, other exchanges will benefit from this, that's the only scenario I see.

[kapalmabur]

I really do not understand what underlies them delisting top altcoin motivation such as XMR, Dash, and Zec, of course this is a heavy blow to the community or altcoin holders, even though many exchanges are still listing privacy coins, bittrex does not give reasons, and this makes people angry