Privacy Coins Monero and Zcash Face Decline Following OKX Delisting Announcement

By: Isha Das

Several privacy-centric cryptocurrencies, including Zcash and Monero, experienced a market pullback following OKX's announcement on December 29 to delist these coins on January 5 due to their misalignment with the exchange's listing criteria. The news led to a 3.4% decline in the privacy coins sector, significantly affecting the price of various major cryptocurrencies. Notably, Zcash and Monero fell 9.37% and 2.4%, respectively.

Additional tokens facing OKX delisting include Dash and Powerpool, suffering a decline of as much as 14%. The crypto exchange also advised users to cancel any open orders related to the tokens poised to be delisted or else face automatic order cancellation, a procedure that takes 1-3 business days. Coin deposits for the affected tokens have also been suspended.

Despite this setback for most privacy coins, certain others like MINA remain unaffected and listed on the exchange. OKX's decision to delist private tokens came under speculation as an attempt to comply with increased regulatory measures targeting privacy coins, due to their alleged potential use for illicit activities.