Breaking: Crypto Exchange Bittrex Delists Privacy Coins XMR, ZEC and DASH

Sunil Sharma
January 1, 2021
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bittrex Exchange

U.S.-based exchange Bittrex today announced the delisting of 3 privacy coins namely Monero [XMR], Zcash [ZEC], and Dash [DASH] as of January 15th, 2021. Earlier South Korean exchanges were spotted to delist privacy coins citing the FATF’s regularity concerns.

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Bittrex Becomes First U.S. Exchange to Delist Privacy Coins

In an official announcement, the Bittrex team informed traders that they would no longer be allowed to trade in XMR, ZEC, and DASH market pairs as of January, 15th. This announcement comes in wake of Financial Action Task Force rules for AML and exchange’s way to de-risk possible actions from regulators.

 

Cryptocurrency exchanges in South Korea, Australia, and Japan have already started delisting privacy coins over concerns regarding actions from regulatory bodies like FATF. But, this is the first case of a U.S.-based exchange delisting privacy coin and may trigger a delisting spree at other exchanges.

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Bittrex Decision Influenced By Regulatory Pressure?

The sudden move by Bittrex without any explanation for the decision has given rise to many speculations and looking at the recent STABLEAct followed by the newly proposed wallet custody rules, it seems the US government is planning to gain total control over crypto trading and transactions.

The delisting of privacy coins from crypto exchanges should not really come as a surprise for many posts the government’s new KYC policy for exchanges under which crypto exchanges are required to make note of traders’ complete personal detail for every transaction exceeding above $10,000.

If any such proposal is underway, we can see privacy coins meet a similar fate as that of XRP, where the majority of crypto exchanges serving the US customers such as Binance US and Coinbase have discontinued all XRP trading and transaction services post-SEC’s lawsuit.

Bittrex has not responded to our queries at the time of writing, any update from the government body or exchange would be updated.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.