Bittrex Has Decided To Remove XMR, ZEC, and DASH

Crypto exchange Bittrex has chosen to remove three of privacy coins leading cryptocurrency space. Exchange will phase out Monero (XMR), Zcash (ZEC) and Dash (DASH) on January 15th.

Bittrex Takes Drastic Action

News of the removal was shared via the company’s blog this week, although no reason was given for the decision.

The three tokens are often described as crypto coins that maintain privacy. Unlike Bitcoin and other cryptocurrencies, pivacy coin hides transaction amounts and addresses.

Some have speculated that the removal from the market was a response to regulatory pressure. In particular, the Financial Action Task Force (FATF), announced new anti-money laundering measures last month, which may have led to Bittrex delisting the three coins.

Bittrex notes that trading will close at 18:00 Eastern Time on January 15th. Users have up to 30 days to withdraw their assets, although “in certain cases, the withdrawal period may be shortened.”

All three coins have suffered significant price blows since the news attracted wider attention this afternoon. XMR and ZEC are both down around 9.5% over the last 24 hours, while DASH is down 8.9%.

Extensive Deletion

In the past, other exchanges have also removed the list of privacy coins. OKEx Korea and Upbit stopped trading the same coin in 2022 for a similar reason. Bitbay also removed Monero shortly after.

Bittrex’s action was remarkable, as it was one of the first major US-based exchanges to write off all three coins. It remains to be seen whether other exchanges will follow suit, or whether the removal of Bittrex will even have a lasting effect on the cryptocurrency market.

The move follows Bittrex’s decision to stop trading on XRP due to the ongoing clashes between Ripple and the SEC. Many other exchanges have made the same decision.

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