An advanced report demonstrated that the second largest crypto exchange by trading volume, OKX, will delist several private tokens from next year. The report revealed that the OKX team would stop supporting Monero (XMR), Zcash (ZEC), and Dash (DASH), among others.
In the December 29 report, the OKX team confirmed that the delisting of the private token will start on January 5 next year. The expected delisting will affect around 11 trading pairs.
OKX to Delist Private Tokens
The expected delisting will affect several private tokens listed on the OKX trading platform. According to the report, the private tokens are anonymous crypto assets that conceal the flow of funds across various blockchain networks.
The private tokens are occasionally used to hide the financial activities and transfer of funds. Upon contacting the OKX to inquire more about the proposed delisting, the crypto exchange stated that the decision to remove the private tokens from the platform emanated from the user feedback.
In the report, the crypto exchange admitted that its primary responsibility is to maintain a robust spot trading platform. Reportedly the crypto exchange will be conducting a thorough assessment of the performance of the listed trading pairs.
OKX to Regularly Assess Compliance of Trading Pairs
As a risk management approach, the OKX team regularly assesses whether the trading pairs meet the listing requirements. Following a recent compliance assessment, the OKX team noted that some of the trading pairs failed to meet the listing criteria.
In response to the user feedback, the OKX started by suspending the depository services of private tokens.The OKX team will proceed with the next phase of removing the private token on its platform by suspending the XMR, DASH, ZEC and ZEN withdrawals.
In the report, the crypto exchange vowed to continue monitoring the listed trading pairs regularly and implement the delisting approach where necessary.
A review of the OKX website demonstrated that the crypto exchange supports around 482 trading pairs. With the proposed delisting the OKX team will join other crypto firms like Huobi and Binance to delist private related trading pairs. The Huobi team delisted seven private tokens in September due to compliance concerns.