Privacy tokens reach highest delisting rate in 2024 — Kaiko Privacy 2 days ago

Privacy tokens underwent nearly 60 delistings by centralized exchanges this year, a record since 2021, according to a recent Kaiko report.The report tracked Monero (XMR), Dash (DASH), Decred (DCR), Mask (MASK), Rose (ROSE), and Zcash (ZEC). XMR suffered the most delistings, with a 6x yearly increase, while DASH experienced the second-highest number of delistings.According to the report, these delistings are primarily driven by regulatory pressure in various jurisdictions over the past years.According to Chainalysis, Japan banned privacy coins’ trading in 2018. In 2020, Australian and South Korean regulators followed this move and started pressuring crypto exchanges.Other significant jurisdictions that have banned privacy tokens include the UAE, which released its crypto rules last year, and the EU, which implemented the Markets in Crypto-Assets (MiCA) regulation.Surging regulatory pressure has resulted in many crypto exchanges delisting privacy tokens. Kraken recently removed access to XMR trading pairs for European users, while Binance completely delisted the token from its platform.Additionally, OKX delisted its privacy token trading pairs in January of this year, while Huobi started its removal efforts in September 2022. All of the exchanges cited regulatory pressure as the primary factor behind their decisions.According to the Kaiko report, crypto trading platforms facing lesser regulatory scrutiny, such as Poloniex and Yobit, have captured part of the trading volume for privacy tokens.The two exchanges now represent nearly 40% of the trading volume for top privacy tokens, up from just 18% in 2021.Additionally, the demand for these tokens has become so high on these platforms that they often exceed order book liquidity, the report added.Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Essential crypto updates and analyses. Straight to your inbox, every day.LEO token jumps 14% as road to new filing clears pathway to restitution.FTX said the settlement is beneficial and prevents the high cost of litigation.Realized price suggests Bitcoin’s cyclical potential amid subdued market sentiment.According to the lender, Solana could see exponential growth under a Trump administration due to favorable regulatory environments.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. Node operators must upgrade to a new client version en masse to restore activity.Hoskinson predicted that more wrapped Bitcoin would be on other blockchain networks in the next five years.Bittrex announced on Dec. 29 that its exchange will be removing the U.S. markets for the three of the biggest privacy coins by market cap on January 15, 2021. In the post, Bittrex stated it is giving users up to 30 days to withdraw their coins: “After the markets are removed, Bittrex generally seeks to provide […]Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.