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Bittrex to Delist 'Privacy Coins' Monero, Dash and Zcash
While Bittrex gave no reason for the removals, exchanges around the world have been moving to delist coins that seek to hide the activity of their users.
Bittrex announced Friday it will be delisting monero (XMR), zcash (ZEC) and dash (DASH), continuing a trend of so-called privacy coins being delisted by cryptocurrency exchanges.
STORY CONTINUES BELOW
- In a release, the exchange said the coins' markets will be removed on Friday, Jan. 15, at 23:00 UTC.
- While Bittrex gave no reason for the removals, exchanges around the world have been moving to delist coins that seek to preserve the privacy of their users as a way to be compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations that are spreading around the world.
- For instance, the U.S. Secret Service has urged Congress to create ways to limit the use of privacy-focused cryptocurrencies.
- Dash responded via Tweet, calling the label "privacy coin" a misnomer in its case, saying, "From a technical standpoint, dash's privacy functionality is no greater than bitcoin's." Dash said it's requesting a meeting with Bittrex's compliance team in an effort to be reinstated.
- Shares of all three coins fell on the news: XMR is down 14.44% to $133.75, ZEC fell 12.28% to $55.76.
From a technical standpoint, Dash’s privacy functionality is no greater than Bitcoin’s, making the label of “privacy coin” a misnomer for Dash. We have reached out to @BittrexExchange to request a meeting with their compliance team. Hopefully this will be rectified soon. https://t.co/QA66OoshPn
— Dash (@Dashpay) January 1, 2021
UPDATE (Jan. 1, 20:16 UTC): Adds coin price reactions, Dash's response.
See also: ShapeShift Delists Privacy Coin Zcash Over Regulatory Concerns
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
