OKX to delist privacy coins

[OmegaStarScream]

https://www.okx.com/help/okx-to-delist-several-spot-trading-pairs-12-29

So it looks like OKX has decided to delist all the trading pairs for privacy coins: Monero, ZCash, Dash.

They didn't mention anything about the "cause" but I think it's clear. The question now is... which exchanges are going to follow? Binance also announced a similar thing a few months back but then changed their minds. Thoughts?

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[dkbit98]

So it looks like OKX has decided to delist all the trading pairs for privacy coins: Monero, ZCash, Dash.

They didn't mention anything about the "cause" but I think it's clear. The question now is... which exchanges are going to follow? Binance also announced a similar thing a few months back but then changed their minds. Thoughts?

Nobody really cars about this news, and it could even lead to more decentralization.
There are enough alternative options for trading privacy coins, Bisq is decentralized with very high volume for monero, atomic swaps are working, and there is also eXch and several other exchanges.
I would much ratter have big centralized exchanges removing privacy coins than freezing accounts and confiscating coins because people used this coins for trading.

[sokani]

OKX did not explicitly give a concrete reason for delisting these privacy coins other than saying that they were delisted followings feedbacks from their users, which seems like a lie. Perhaps, government are now cracking down on privacy coins, since CEXs are tools in their hands, and OKX is just the very first to dance to their tune.

[stompix]

The question now is... which exchanges are going to follow?

All!  The writing was on the wall before Banksy!  

Also, quite ironic, Zen tried to ditch their marketing as a monero replacement and privacy coin a few months ago
https://www.coindesk.com/business/2023/06/28/horizen-scraps-privacy-coin-moniker-amid-regulatory-scrutiny/
seems like nobody cared about the rebranding.

There are enough alternative options for trading privacy coins, Bisq is decentralized with very high volume for monero,

Yeah, juts like the "Tis but a scratch" in Monty Python.

Very high volume meaning like of the 2% depth wall on Binance in a week? The more gates are closed the harder is to hide in the few that remain, plus it brings a lot of problems such as volatility, when you have only a few points where the price is decided it's becoming easier to manipulate it.
You can't have increased decentralization when you run out of options where to spend and buy/liquidate.

And it's going to get even worse, privacy coins are the first, I wonder what's the next target will be.

[Solosanz]

Bybit? Bitstamp? any big centralized exchanges will follow it.

It was started from less KYC centralized exchange -> fully KYC centralized exchange -> ban anything related to privacy. Next, they might confiscate tainted coins, so even though you've verify your account, they will keep steal your coins.

[TheUltraElite]

They didn't mention anything about the "cause" but I think it's clear. The question now is... which exchanges are going to follow? Binance also announced a similar thing a few months back but then changed their minds. Thoughts?

The recently announced mixer ban on the forum is point of huge debate already. Are you trying to imply that privacy coins and mixer ban are linked? I would say so, although theymos here clearly mentioned Monero is not going to be affected.

The similar type of privacy-anonymity centric problem that mixers and privacy coins have curve-balled at governments is the root cause of such steps taken by centralized exchanges.

We are just customers here, just wait for another exchange to come up that supports XMR, DASH, ZEN for a few months and then move on to the next one.

[tabas]

IMO, this is anticipated and no longer a surprising matter. Was it two years ago or a year when we've started to see the delistings started somewhere in South Korea with the exchanges there because of the pressure of the regulators there. So, this is a global instruction that shall be followed by most of the exchanges that are known today. If they don't do it, they'll be the one to take the sanction so it is expected that there will be more delistings of privacy coins by next year from most of the big exchanges.

Perhaps, government are now cracking down on privacy coins

This is what actually is happening. It is them that are pressuring the exchanges to delist privacy coins and its pairs.

[JeromeTash]

Not surprised. A missed opportunity to short them though.

But the funny thing is that those coins still trade on most exchanges that are under fire like Binance, so It would be interesting to see how the other exchanges follow suit. IMO, not all exchanges will do the same. Some will remain defiant.

[bbc.reporter]

Thoughts?

This is a very dangerous precedent because similar to tainted bitcoins, the regulators can forbid all acceptance of Dash, Zcash and Monero transactions in exchanges. Also, on the argument of decentralized exchanges, they can also have their domains seized by the government.

I reckon that developers of anonymous coins and decentralized exchanges that will not delist them should become more anonymous and be more careful with their digital footprint.

@JeromeTash. If they will remain defiant, they will have their domains seized.

[FinneysTrueVision]

There is also speculation that Binance will delist privacy coins. They previously reached out to developers to try and get them to implement some sort of transparent address but that’s obviously not going to happen with Monero.

It also seems like even no-KYC instant exchangers are distancing themselves from privacy coins. Monero is no longer available on Sideshift and on FixedFloat when you try to swap for XMR it says “Network temporarily suspended for maintenance”. Maybe FixedFloat will enable Monero again but it seems strange that one of their most popular coins is under maintenance for such a long duration.

[rat03gopoh]

which seems like a lie.

They weren't lying I think, they clearly highlighted one sentence as the main reason for the delisting (even though it was actually disguised). Here's the gist of why:

Decisions to delist or suspend trading of any digital asset may be due to various circumstances, including factors outside OKX’s control.

https://www.okx.com/help/okx-token-delisting-hiding-guideline

There is clearly no more entitled CEX controller than the authority. In conclusion, they're starting to be pressured into doing this.

[JeromeTash]

@JeromeTash. If they will remain defiant, they will have their domains seized.

Why are they taking too long to seize Localmonero, Bisq, exch.cx then? Because they don't even give a damn about KYC/AML, and they also seem to have been operating for too long undisturbed 

In fact, if monero is an "outlawed" cryptocurrency due to it privacy feature, why are they not first going after monero itself? For example, sanctioning it and seizing their domain (https://www.getmonero.org/)?

[Husires]

Delisting privacy coins is not a big deal since it is wrong to use them with services that require you to complete identity procedures when you use them to enhance the privacy of your transactions. it will limit the amount of trading and the use of privacy coins as investment or trading.
There are some cryptocurrencies as Litecoin, that have begun to implement some layers of privacy at the protocol level. If these currencies are delisted, then the problems for traders will be major.

[God bless u]

https://www.okx.com/help/okx-to-delist-several-spot-trading-pairs-12-29

So it looks like OKX has decided to delist all the trading pairs for privacy coins: Monero, ZCash, Dash.

They didn't mention anything about the "cause" but I think it's clear. The question now is... which exchanges are going to follow? Binance also announced a similar thing a few months back but then changed their minds. Thoughts?

Monero's Price is taking a slight dip after this news. their 24-hour trading volume is down by 36% and Token's price is down by 1.43% which I think is caused my this OkX delisting news. because OKEx is a pretty big exchange after all. I think a lot of traders would start panicking and short their Monero in the market.

It is not a Big deal for Monero but if more exchanges follow this Path and delist Monero especially if Binance do that. then Monero will lose significant value. I don't know why Govt hunting down privacy coins. and what are their final goals? what they want from these projects? do they just want to shut them down?

[KingsDen]

Not surprised. A missed opportunity to short them though.

But the funny thing is that those coins still trade on most exchanges that are under fire like Binance, so It would be interesting to see how the other exchanges follow suit. IMO, not all exchanges will do the same. Some will remain defiant.

The war against privacy is becoming eminent and with the way things are evolving it could be that in the future, highly private people would be treated as criminals if not already happening. I am not always surprised when more and more exchanges are delisting privacy coins. I also know that the developers of these coins would also know how to go about it. Just like the mixers, privacy coins are all sinners in the eyes of the government and the government can crucify any at their discretion.

However, privacy and decentralisation cannot be defeated totally in the cryptocurrency industry.

[Darker45]

Apparently, the delisting of Monero, ZCash, and Dash can't be due to the factors mentioned by OKX such as "performance" or "feedback from users." Those who are aware of the bigger issue fully understand the reason behind the decision.

Of course, OKX is a centralized platform that takes order from its regulators. It simply can't displease them. So even if this decision is actually unilateral and OKX is only ordered to implement it, they cannot mention it as the reason for delisting such coins.

Major centralized exchanges will soon receive the same order and implement it, albeit grudgingly. Binance can't be stubborn for long. It will bow down sooner rather than later.