Crypto exchange OKX has announced its plans to remove twenty trading pairs linked to privacy coins starting January 4, 2024.
In its latest blog post, OKX revealed that the Seychelles-based exchange had already disabled token deposits for eight privacy tokens, including popular coins like Zcash (ZEC), Horizen (ZEN), Monero (XMR), and Dash (DASH) on December 27.
Interestingly, the twenty trading pairs marked for removal include non-privacy coins such as Kusama (KSM), JUST (JST), and Aragon (ANT). Furthermore, OKX will cease the withdrawal services for the eight privacy tokens from March 5, 2024.
Privacy coins are cryptocurrencies that utilize stealth addresses, ring signatures, and a host of other methods to maintain the secrecy of the users and their transactions. Unfortunately, these tokens have recently come under fire as they are often used by hackers to cover their tracks and preserve their anonymity.
The prices of the privacy tokens flagged by OKX have plummeted since the exchange made the announcement, with Horizen in particular tanking by as much as 12.5% over the last 24 hours.