Bittrex made news earlier this week after it decided to suspend trading services for XRP. The crypto exchange is once again making news after it bid adieu to popular privacy coins. The cryptocurrency industry started out as a station free from any scrutiny from the government or any form of regulation. However, it seems like that’s all in the past now as regulations are getting more severe which has coerced several crypto exchanges to comply by the regulators. Bittrex seems to be getting on the good books of financial watchdogs with its latest act.
Bittrex Kicks Out XMR, ZEC As Well As DASH
Back in 2019, the FATF’s travel rule shook the crypto world. Prominent privacy coins like Monero [XMR], Zcash [ZEC] along Dash [DASH] was subject to immense unrest after the financial regulators categorized these assets as a medium for illicit activities. The hidden traction details posed as a huge drawback for these coins. While several exchanges were considering delisting privacy coins, irrespective of their popularity, Bittrex went ahead and announced the same.
In a recent tweet, Bittrex revealed that it intended to delist Monero, ZCash, and Dash on 15 January at 23:00 UTC. The tweet read,
— Bittrex (@BittrexExchange) January 1, 2021
The exchange’s blog post did not reveal the exact reason for the removal of these assets, it suggested that its regulatory standards, as well as compliance-related problems, could pave the way to the delisting of assets. On 15 January, all pairs that users were trading the aforementioned privacy coins would be nonexistent. The blog post further read,
“After the markets are removed, Bittrex generally seeks to provide users up to 30 days to withdraw any delisted tokens, but in certain instances the withdrawal period may be shortened. Users should withdraw any tokens before the posted withdrawal deadline.”
The crypto exchange affirmed that users could withdraw their tokens unless the exchange is subject to technical difficulties.
This announcement led to an array of downfall. Privacy coin Monero was seen dropping by over 17% at the time of writing, thanks to the Bittrex delisting news. At press time, the coin was priced at $136.80. DASH and Zcash were also following suit as these assets plummeted by 13.33% and 11.16% in the last 24-hours.