Crypto exchange OKX has announced its decision to delist eight privacy-focused coins in the coming days. The affected cryptocurrencies include monero (XMR), zcash (ZEC), and dash (DASH), along with FSN, ZKS, CAPO, CVP, and ZEN, as stated in the press release.
Suspension and Delisting
OKX has already halted the deposits of the eight specified tokens on December 27, 2023, advising users to manage their assets promptly.
Withdrawals of these tokens will also be suspended, with the action set to take place on March 5, 2024. The exchange clarified that, in order to maintain a robust spot trading environment, its team consistently monitors the performance of all listed trading pairs and reviews their listing qualifications.
OKX mentioned that, “Based on feedback from users and the OKX Token Delisting / Hiding Guideline, we will be delisting several trading pairs that do not fulfill our listing criteria.”
Taking this into consideration, OKX announced that it would delist twenty trading pairs in early January of the next year – in less than a week.
These pairs involve bitcoin (BTC), ethereum (ETH), USDC coin (USDC), and tether (USDT).
To provide more specific details, on January 4, the exchange will delist KSM-USDC, FLOW-USDC, JST-USDC, KNC-USDC, ANT-USDC, FSN-USDT, ZKS-USDT, CAPO-USDT, and CVP-USDT. The following day, it will do the same for XMR-BTC, XMR-ETH, XMR-USDT, XMR-USDC, DASH-BTC, DASH-USDT, ZEC-BTC, ZEC-USDT, ZEC-USDC, ZEN-BTC, and ZEN-USDT.
OKX added that users should cancel orders related to these trading pairs before the delisting. If they fail to do so, the system will automatically cancel the orders, and this cancellation may take 1-3 working days.
Nearly 500 Pairs Listed
As of the current information provided by CoinGecko, OKX boasts 324 coins and 482 trading pairs. The exchange’s Exchange Reserves amount to $12.3 billion.
Ranked among the top 10 exchanges by volume, OKX has a 24-hour trading volume of $3.2 billion, reflecting a 12% decrease over the last day. The most active trading pair on the platform is BTC/USDT, with a 24-hour volume of $589 million.
Following BTC/USDT, the next most active trading pairs include ETH/USDT, SOL/USDT, ORDI/USDT, and FIL/USDT. Notably, eight out of the top 10 pairs involve USDT, while the remaining two involve USDC.
In October, OKX took a proactive step by releasing proof of reserves for all customer funds. This move was prompted by concerns arising from the FTX incident and Grayscale’s inability to substantiate their reserves. According to OKX, the exchange had control over BTC, ETH, and USDT in excess of 100% of user holdings, indicating that all assets were backed 1:1 or more.
In November, OKX expanded its global presence by officially launching in Brazil. The platform introduced advanced crypto features, including trading and staking rewards, to users in the Brazilian market.
Furthermore, in December, a review by on-chain analytics firm CCData highlighted that Upbit, Bybit, and OKX experienced significant gains in spot market share year-to-date. These platforms increased their dominance by 6.39%, 4.89%, and 3.86%, reaching 9.20%, 5.80%, and 7.41%, respectively.
