OKX to delist privacy coins

[hugeblack]

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.

XMR-BTC, XMR-ETH, XMR-USDT, XMR-USDC, DASH-BTC, DASH-USDT, ZEC-BTC, ZEC-USDT, ZEC-USDC, ZEN-BTC, ZEN-USDT

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

This was not explicitly announced, but all the currency pairs that were delisted are related to privacy coins.
As days go by, I expect that the trading of privacy coins will be limited to Bisq aka decentralized exchanges, and that the users will be users who have a real desire to enhance their privacy.

[MrSpasybo]

I am not surprised at this decision from OKX. Privacy coins have been a problem that governments have wanted to solve for many years, and CEXs also do not want to encounter legal problems related to privacy coins. I think that over time, privacy coins will be delisted from major CEXs, eventually surviving only on trading demand on small exchanges or OTC.

DEX is a possibility but I'm not sure about existence of Dapps that support ZEC, XMR or DASH. Perhaps we will have to accept that crypto also needs to be regulated as part of financial market.

[Ambatman]

Privacy coins have been one of the government's headache towards cryotocurrency.
If this trend continues then privacy coin might to benefit from this bullrun. The moment Binance does then boom investors would migrate to others that haven't caught the Government eyes.

Perhaps we will have to accept that crypto also needs to be regulated as part of financial market.

Yeah if we too rigid we break only the flexible ones survive. Some regulation needs to be put in place, which would increase the community size since there still exist individual that believe cryotocurrency is scam.

[hugeblack]

DEX is a possibility but I'm not sure about existence of Dapps that support ZEC, XMR or DASH. Perhaps we will have to accept that crypto also needs to be regulated as part of financial market.

Most DEXs run on central servers and claim to be a DEX, but in reality they have a point of failure, such as crypto bridges, for example.
You can find XMR by trading through self-hosted DEX such as Bisq or platforms that do not require KYC such as --> https://exch.cx/

[Zed0X]

What was the trading volume prior to the announcement? I doubt it's below their threshold. I find it funny that they made it appear as if there was a consensus among their users to remove those trading pairs. For me, it's pretty obvious that it was their sole decision and they would have delisted them even if their users disagrees.

[Freemind]

It's something that sooner or later had (or could) to happen. All exchanges that want to operate in countries with cryptocurrency and blockchain regulations must comply with the established laws. It is true that for many users it is a hard blow, but otherwise many exchanges would not be able to continue functioning and some would have to close. The options are now in the hands of the users, as OKX will not be the only exchange to make this decision. However, some DEXs (and other forms of trading) are still available.

[hugeblack]

What was the trading volume prior to the announcement? I doubt it's below their threshold. I find it funny that they made it appear as if there was a consensus among their users to remove those trading pairs. For me, it's pretty obvious that it was their sole decision and they would have delisted them even if their users disagrees.

Privacy coins do not have large price fluctuations because most of them are POW coins, so most of the trading volumes come from people who want to buy them and sell them again to mix their cryptocurrencies and break the link between them.


Trading volumes will always be like the teeth of a saw

It's something that sooner or later had (or could) to happen. All exchanges that want to operate in countries with cryptocurrency and blockchain regulations must comply with the established laws. It is true that for many users it is a hard blow, but otherwise many exchanges would not be able to continue functioning and some would have to close. The options are now in the hands of the users, as OKX will not be the only exchange to make this decision. However, some DEXs (and other forms of trading) are still available.

Banning them from CEXs is not a big deal, but since the government wants to do this, I expect they will move to DEXs that accept these coins and asked to remove them, or the developers will be arrested^[1], just like what happened with tornedo.cash.


[1] Arrest of suspected developer of Tornado Cash

[Freemind]

@hugeblack I agree with you that banning them on CEXs is not a compelling argument, but that simple gesture can make some users nervous. What happened with the developers of Tornado Cash, for example, is something avoidable as long as we take into account how to prevent the long arms of some countries from having power in the countries where these services are hosted. What many users will do is operate on DEX and over time these services will move to other sites as I have said. it's just a matter of time.

[Fivestar4everMVP]

This was not explicitly announced, but all the currency pairs that were delisted are related to privacy coins.
As days go by, I expect that the trading of privacy coins will be limited to Bisq aka decentralized exchanges, and that the users will be users who have a real desire to enhance their privacy.

Well, i do not know how others see this, but I personally think this is exactly how it should have been right from the start, decentralization goes hand in hand with privacy, and as such, privacy coins should have never had anything to do with centralized exchanges, since they are of, represent, and operate in two different worlds.

I personally feel that, privacy coins being traded on exchanges that do not support users privacy, is a total contradiction to the purpose of privacy coins in the first place, which is to promote privacy and decentralization in the crypto space and amongst crypto users.

So, in the nutshell, privacy coins belong to decentralized exchanges, they should never have anything to do with centralized exchanges where users privacy is of no value due to regulation and other reasons.

[Baofeng]

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.

XMR-BTC, XMR-ETH, XMR-USDT, XMR-USDC, DASH-BTC, DASH-USDT, ZEC-BTC, ZEC-USDT, ZEC-USDC, ZEN-BTC, ZEN-USDT

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

This was not explicitly announced, but all the currency pairs that were delisted are related to privacy coins.
As days go by, I expect that the trading of privacy coins will be limited to Bisq aka decentralized exchanges, and that the users will be users who have a real desire to enhance their privacy.

What surprises me though is that it take too long for OKX to delist privacy coins as other exchanges have been delisted those way back like years ago. Maybe they wasn't pressured enough though, but for sure there are entities behind right now or even government who might have told them to delist privacy coins otherwise they might get fine or something.

We all know that government around the world, most powerful ones doesn't want to have this privacy coins get into the mainstream because they know that someone will used it to hide something, criminals, terrorists and others that will take advantage of this type of coins.

Although there are still other methods like mixer, but they too are being under the watchful eyes of government and regulators.

[KingsDen]

This was not explicitly announced, but all the currency pairs that were delisted are related to privacy coins.
As days go by, I expect that the trading of privacy coins will be limited to Bisq aka decentralized exchanges, and that the users will be users who have a real desire to enhance their privacy.

Well, i do not know how others see this, but I personally think this is exactly how it should have been right from the start, decentralization goes hand in hand with privacy, and as such, privacy coins should have never had anything to do with centralized exchanges, since they are of, represent, and operate in two different worlds.

I personally feel that, privacy coins being traded on exchanges that do not support users privacy, is a total contradiction to the purpose of privacy coins in the first place, which is to promote privacy and decentralization in the crypto space and amongst crypto users.
Xxx

In the cryptocurrency industry, things are not just as you have thought about it. Take bitcoin for instance, bitcoin is the only true decentralized coin, yet it is traded on CEXs. In this industry, everything is dependent on one another, of exchanges do not trade privacy coins, the utility will be low and have will not have impacts in the industry.
Meanwhile, any centralized exchanges that is listing privacy coins in its platform must have known the risk involved and ready to dance the tune the government will play for them.

[hugeblack]

So, in the nutshell, privacy coins belong to decentralized exchanges, they should never have anything to do with centralized exchanges where users privacy is of no value due to regulation and other reasons.

If we trace the origins of 90% of CEXs, you will find that exchange began with registration in the Seychelles, Cyprus, Cayman Islands, or any country that grants a license without strictness in the rules of money laundering, and therefore they only need to request basic data such as the user name and email to open the account, and therefore they have no problem with accepting privacy coins, with the increase in demand for the platform and its need for expansion, it will require more stringent licenses, including reducing withdrawal limits and requesting KYC from users.

So CEXs have no problem with privacy coins or KYC, but they need to adhere to those regulations, and those regulations do not like privacy coins.

In the cryptocurrency industry, things are not just as you have thought about it. Take bitcoin for instance, bitcoin is the only true decentralized coin, yet it is traded on CEXs. In this industry, everything is dependent on one another, of exchanges do not trade privacy coins, the utility will be low and have will not have impacts in the industry.

This statement is not correct, as all POW cryptos that have a significant hashrate are decentralized, as we cannot say that litecoin is centralized, for example, but Bitcoin is the most decentralized compared to all cryptocurrencies.

[joniboini]

In the cryptocurrency industry, things are not just as you have thought about it. Take bitcoin for instance, bitcoin is the only true decentralized coin, yet it is traded on CEXs.

Being decentralized or not has little to no relevance for CEX listing as far as I'm aware. Most exchanges list coins for their profits (get trading fees, etc), so they'd be more than happy to list any centralized coins as long as they can make money. On top of that, government has no problem whatsoever with coins like Bitcoin, they just dislike stuff that makes everything more private.

[SmartGold01]

This was not explicitly announced, but all the currency pairs that were delisted are related to privacy coins.
As days go by, I expect that the trading of privacy coins will be limited to Bisq aka decentralized exchanges, and that the users will be users who have a real desire to enhance their privacy.

Well, i do not know how others see this, but I personally think this is exactly how it should have been right from the start, decentralization goes hand in hand with privacy, and as such, privacy coins should have never had anything to do with centralized exchanges, since they are of, represent, and operate in two different worlds.

I personally feel that, privacy coins being traded on exchanges that do not support users privacy, is a total contradiction to the purpose of privacy coins in the first place, which is to promote privacy and decentralization in the crypto space and amongst crypto users.
Xxx

In the cryptocurrency industry, things are not just as you have thought about it. Take bitcoin for instance, bitcoin is the only true decentralized coin, yet it is traded on CEXs. In this industry, everything is dependent on one another, of exchanges do not trade privacy coins, the utility will be low and have will not have impacts in the industry.
Meanwhile, any centralized exchanges that is listing privacy coins in its platform must have known the risk involved and ready to dance the tune the government will play for them.

Sorry to draw your attention, when we talks of privacy is bitcoin not inclusive?
Bitcoin is Decentralized currency to me it's also as privacy coin and if centralized exchange keeps delisting those privacy coin then it shows that bitcoin can also be altered what is the extent of delisting them, is it because they can't have control over that project or over their coin?

If Yes do they have control over bitcoin?

No but they are gradually having control why because most of the centralized exchange has made it mandatory for someone to pass through kyc and government is gradually take controls of those exchange that means our data could likely be revealed one day to government if they want to take over the centralized exchange.

[Freemind]

Being decentralized or not has little to no relevance for CEX listing as far as I'm aware. Most exchanges list coins for their profits (get trading fees, etc), so they'd be more than happy to list any centralized coins as long as they can make money. On top of that, government has no problem whatsoever with coins like Bitcoin, they just dislike stuff that makes everything more private.

It is true that governments want to have total (or almost) control over citizens, but that is 100% impossible. As for centralized exchanges, they have always seemed to me to be the antithesis of Bitcoin and cryptocurrencies in general, which were created to give freedom to users. I am increasingly convinced that centralized exchanges are going to lose a lot of users by delisting private coins, those users will switch to decentralized exchanges without any problems.