Following the regulatory complications in the crypto industry brought to light after the US Security and Exchange Commission (SEC) called out Ripple for failing to register as a security, exchanges are now keener in ensuring that their trading tokens are valid and authentic.
Major exchanges such as Binance and Coinbase have already announced their withdrawal from the unpopular Ripple token-XRP, in the last week. It is worth noting that Binance was among the top exchanges for trading XRP.
On 30th December 2020, Bittrex announced via a Twitter blog to remove all XRP markets from its portfolio as of January 15th.
Consequent to XRP delisting, Bittrex has now come forward to announced further delisting of ‘privacy coins’- XMR, ZEC, and Dash.
The following market pair will be removed on the stated date
- XMR: BTC-XMR, ETH-XMR, USDT-XMR
- ZEC: BTC-ZEC, ETH-ZEC, USDT-ZEC, USD-ZEC
- DASH: BTC-DASH, ETH-DASH, USDT-DASH, USD-DASH
Upon the announcement that Bittrex will delist privacy coins, XMR fell down 14.44%, ZEC 12.28%, and DASH 55.76%
What Exactly are Private Coins?
A private coin is a cryptocurrency that allows transaction privacy. Unlike Bitcoin which records transactions on a public ledger, privacy coins keep the transactions done and correspondent addresses hidden.
Reason for Delisting ‘Privacy Coins’
While XRP delisting was somewhat precedented after the SEC lawsuit, the exchange has not given a clear reason for their move to delist privacy coins.
However, in their ‘Bittrex Market and Token Removal’ policy, the exchange highlights that ‘evolving regulatory standards and other compliance issues’ was a true cause for delisting.
Like other similar exchanges, Bittrex will delist privacy coins in efforts to adhere to regulatory requirements surrounding private cryptocurrencies. Ever since Know your Customer (KYC) and Anti-Money-Laundering (AML) regulations started taking effect all over the world, the safer an exchange is, the better.
Token Withdrawal After Delisting
After a token is removed, Bittrex lets its users withdraw the suspended tokens to up to 30 days from delisted date. In certain instances the withdrawal period could be shortened and advisably, the sooner you could withdraw the better.