As a seasoned analyst with years of experience navigating the volatile and ever-changing landscape of the cryptocurrency market, I’ve seen it all – from meteoric rises to devastating falls. However, the recent wave of delistings of privacy coins like Monero (XMR), ZCash (ZEC), Dash (DASH), and others, has caught my attention more than any other trend in recent memory.
In the context of rigorous regulatory measures in 2024, privacy-focused cryptocurrencies such as Monero (XMR), ZCash (ZEC), and others have experienced a significant number of removals from various crypto exchanges. According to a report by Kaiko, this year alone has seen 60 delistings of privacy tokens – the highest since 2021.
The report highlights several leading privacy coins such as Monero (XMR), ZCash (ZEC), Dash, Mask, Decred (DCR), and Rose. Notably, Monero’s XMR tokens saw the most significant impact from delistings, skyrocketing an impressive 6 times over. Meanwhile, DASH also experienced a high number of delistings, ranking second in this regard.
Previously this month, the crypto platform Kraken removed Monero’s XMR token from its listings due to compliance with European regulations. The exchange explained that they did not make this choice lightly and continue to aim for a top-tier trading experience for their European customers. Similarly, well-known exchanges such as Binance have also stopped supporting XMR, citing regulatory issues.
The Kaiko analysis indicates that most removals have been prompted by regulatory scrutiny across various regions during recent times. Similarly, Chainalysis’ report reveals that Japan prohibited privacy coin trading as early as 2018. Subsequently, in 2020, regulators from South Korea and Australia joined suit, applying pressure on platforms to take them off the list.
In addition to other regions, notable ones such as the United Arab Emirates (UAE) – having implemented their cryptocurrency laws recently – and the European Union (EU), with its Markets in Crypto-Assets (MiCA) legislation already enforced, have prohibited privacy tokens.
Crypto Exchanges Delisting Privacy Coins
Regardless of location, crypto exchanges are choosing to discontinue trading with privacy coins due to potential regulatory scrutiny. For instance, OKX and Huobi have both removed their privacy token pairs – OKX in January, and Huobi starting from September 2022. Both platforms attribute this action primarily to increasing pressure from regulators.
According to the Kaiko report, it was observed that crypto platforms with minimal regulatory supervision, specifically Poloniex and Yobit, have taken on a substantial portion of trades involving privacy tokens. Currently, these two exchanges make up approximately 40% of the trading volume for leading privacy tokens, marking a notable rise from the 18% share they held in 2021.
Additionally, the report pointed out that the desire for these tokens on these platforms is often greater than the readily available market liquidity, which suggests a high level of demand and potential for supply shortage.
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2024-10-08 14:57