On 1st December, Friday, Bittrex made a public announcement regarding the stopping of three major coins.
Bittrex is a crypto exchange. They have stated that starting from Friday, they have decided to delist Monero (XMR), Dash (DASH), and Zcash (ZEC). This is continuing a trend of the so-called privacy coins being delisted by cryptocurrency exchanges.
XMR, ZEC & DASH Delisted By Bittrex
The decision of removing the XMR, DASH, and ZEC from conducting their trade and transactions on the crypto exchange site of Bittrex was significant and surprising.
This decision has been quite shocking to one and all. This is due to the reason that XMR, DASH, and ZEC were the 3 most important privacy coins for Bittrex. The delisting will come into effect from 15th January 2021.
This news was posted on the blog of the company this week itself without citing any reason for the action. All the 3 tokens are usually referred to as privacy protection crypto coins. Nonetheless, unlike Bitcoin as well as other cryptocurrencies, the privacy coins retain the transaction addresses and amount hidden.
Even though Bittrex gave no reason for the removal of the 3 tokens, exchanges all over the world have also been delisting coins that try to preserve the privacy of their users in order to maintain compliance with the ‘know your customer’ (KYC). Furthermore, there are frequent complaints regarding money laundering and they intend to tighten the regulations of anti-money laundering across the world.
The Secret Services of the US has also asked Congress to make ways to limit the usage of privacy-focused cryptocurrencies.
Users have been given 30 days for withdrawing all their assets. The 3 tokens have experienced a considerable decline in their prices since the release of the news. XMR as well as ZEC have dropped almost 9.5% within the last 24 hours. DASH has declined 8.9%.
