Privacy-Focused Altcoins Suffer Price Drops After Crypto Exchange OKX Says It Will Delist Monero, Zcash and Dash
A trio of privacy-focused altcoins are seeing dips in price after a prominent crypto exchange platform said it is going to delist them.
In a new company blog post, the Seychelles-based crypto exchange OKX says that it’s going to delist Monero (XMR), Zcash (ZEC), and Dash (DASH) as they no longer fit the firm’s listing criteria, though no exact was reason was given.
“In order to maintain a robust spot trading environment, we constantly monitor the performance of all listed trading pairs and review their listing qualifications on a regular basis.
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… We will continue to monitor all listed trading pairs and implement the delisting/hiding mechanism as necessary.”
According to OKX, users should cancel orders involving the virtual currencies immediately.
The altcoins’ pairings with stablecoins such as Tether (USDT) and USDC will be removed, as well as their pairings with crypto king Bitcoin (BTC), on either January 4th or 5th. Furthermore, the ability for users to deposit the tokens was suspended on the 27th while withdrawing them will be suspended on March 5th, 2024.
Other digital assets being delisted by OKX include cross-chain protocol Fusion (FSN), layer-2 decentralized exchange (DEX) ZKSpace (ZKS), and zero-knowledge network Horizen (ZEN).
The news caused the digital assets to suffer price drops as Monero, Zcash, and Dash each saw respective decreases of 6.5%, 10.4%, and 10.6% during the last 24 hours.
XMR is trading for $166 at time of writing while Zcash and Dash are valued at $29.20 and $34.05, respectively.
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