Cryptocurrency News

Bittrex will delist top privacy coins

By January 5, 2021 No Comments

Key highlights:

  • Bittrex will delist three privacy coins on January 15
  • Bittrex hasn`t announced the reason for the delistings
  • The price of the privacy coins dropped after the news

On December 29, the Bittrex cryptocurrency announced that it will be delisting the top three privacy coins – Monero, Dash and Zcash – on January 15. Bittrex has determined 30 days for the users to withdraw their delisted coins after the due date. Bittrex stated that the period might be shorter in some cases, and users should take action fast.

The announcement comes shortly after Coinbase and other exchanges decided to delist XRP after the SEC accused Ripple of issuing and selling unregistered securities.

Bittrex didn’t explain why it will be removing the markets

Bittrex didn`t explain anything about the delisting process, but Larry Cermak from The Block guessed that the recent pressure from FATF for anti-money laundering (AML) could be a potential reason.

The FATF considers crypto exchanges as virtual asset service providers or VASPs. The FATF says that these businesses should comply with AML and CTF requirements to prevent their platforms from being used in illegal activities. Privacy coins, which allow users to send transactions without revealing the amounts and addresses involved, have long been a thorn in the side of regulators.

Monero, Zcash, and Dash experienced sharp price drops after the announcement of the news on Friday night. Bittrex published the report via its Twitter account, and the story is still ongoing. The news was shocking for the privacy coins markets. They experienced rapid price drops in the range of 7% to 15%.

US authorities pay special attention to crypto these days. Several new crypto rules have been proposed recently, and some of them could have a massive impact on the cryptocurrency space. Exchanges and crypto exchanges have to respond to the new regulations, resulting in delistings and similar measures.

As Brian Armstrong warned, strict crypto rules will make US investors and traders find services and exchanges outside the USA. Rules that are ill-considered and hasty can face legal challenges – they may have worse consequences in the future. What do you think? Tell us about your thoughts in the comment section.