Bittrex has announced that they will delist privacy coins: Monero, Dash, and Zcash on January 15th.
The follow market trades will be affected: BTC/XMR, ETH/XMR, USDT/XMR, BTC/ZEC, ETH/ZEC, USDT/ZEC, USD/ZEC, BTC/DASH, ETH/DASH, USDT/DASH, and USD/DASH.
Holders of these coins will have 30 days after the cryptocurrencies are removed to withdrawal their funds.
— Bittrex (@BittrexExchange) January 1, 2021
Reasons for the Delisting
The crypto exchange gave no clarification on their decision. However, the Seattle-based company could be acting out of fear given the recent events including:
- The SEC (Securities and Exchange Commission) crack downs on coins like XRP, and possible stable coins next.
- Incoming regulations that will affect how transactions are disclosed to the U.S. Treasury Department.
Targeting these particular coins is not surprising since they are either full or partial privacy coins. This means that they can be used without being traced. Monero is known for its full discretion while Dash and Zcash offer anonymous tracking options.
The U.S. government and other law enforcement entities view privacy capabilities as a way for criminals to launder money and purchase illegal contraband.
Tell of what you think about delisting privacy coins on cryptocurrency exchanges in the comments below.