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HONG KONG – Cryptocurrency exchange OKX has announced the delisting of privacy-focused digital currencies Monero (XMR) and Dash (DASH), in a bid to align with global regulatory standards. The move comes amid concerns about the potential illicit use of these currencies, which can obscure the details of a transaction and hamper regulatory oversight.
OKX has already halted deposits for XMR and DASH and advises users to cancel any active orders involving these cryptocurrencies to avoid automatic cancellations. The delisting process is expected to be finalized between January 4 and 5, 2024, after which users will no longer be able to retrieve the affected assets on the platform.
Additionally, the exchange has set March 5, 2024 as the deadline for users to withdraw any remaining XMR or DASH in their accounts. Following this announcement, the market value of Monero and Dash fell. Dash had already shown signs of recovery before this news, showing that the market is sensitive to regulatory developments.
OKX’s delisting of privacy coins is part of a broader compliance initiative by exchanges around the world to address regulatory concerns. Privacy coins are facing increased scrutiny as regulators push for more transparency in crypto transactions to combat money laundering and other illegal activities.
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