Crypto Exchange OKX Unveils Plans to Delist Several Privacy Tokens in 2024
OKX exchange recently announced the delisting of a few trading pairs from the trading platform. The decision was made based on the feedback from investors and account holders on the platform.
At the same time, the trading platform retained that it was making the decision in accordance with the delisting policies on the cryptocurrency exchange. The platform recently noted that it is working on removing several cryptocurrencies such as Monero in the first quarter of 2024.
The announcement was made on 29th December retaining that the delisting will include various cryptocurrency trading pairs that have privacy tokens such as XMR and ZCash.
At the same time, the delisting is also extended to other trading pairs such as Dash and Horizon coins. The OKX exchange is set on delisting a total of 11 trading pairs that will go into effect on 5th January 2024.
OKX Decides to Remove Privacy Token After Collecting Feedback from Users
OKX officials recently shared that investors on the platform actively monitor all trading pairs and review the qualification criteria on a regular basis. The platform further noted that the decision was based on collecting feedback from account holders and investors.
The platform noted that it will implement the delisting of token based on the guidelines mentioned on the trading platform. At the same time, the trading platform also suspended privacy-coin deposits including Dash, ZEC, ZEN, and XMR etc on 27th December.
The platform has informed the investors in a latest notification that it will commence delisting process starting from 5th March 2024. The platform further noted that it will continue the monitoring all trading pairs and impose delisting and removal mechanisms as deem necessary.
OKX has listed around 482 trading pairs that contain 4 pairs of XMR, 2 of Dash, 2 of ZEN, and 3 from ZEC pairs. The trading platform boasts a trading volume of $2.9 billion and 50 million account holders hailing from across the globe.
Various Crypto Exchanges are Delisting Privacy Token Trading Pairs
OKX is not the first trading platform to delist privacy tokens. Huobi is another major exchange that delisted 7 privacy coins in September, 2022. The administrators of the exchange trading platform noted that the decision was based on management policy and compliance efforts.
At the same time, Binance has also shared the decision to remove all privacy tokens in regions such as France and Italy starting May, 2023. However, the decision was revised in June of the same year.
OKX Suffered a $2.7 Million Exploit
The decentralized exchange platform of OKX recently suffered a $2.7 million exploit. The attack took place following a proxy contract update. Hackers were able to find the loophole and steal the private key of the decentralized exchange.
Blockchain security firm, SlowMist Zone, reported that OKX reported a technical issue on 12th December. The admin of the DEX had recently added the updated contract before the users started to steal tokens out of the trading platform. Later the admin removed the proxy from the trust list of DEX.
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