Bittrex Exchange Delisted ZEC, Monero, and Other Privacy Coins

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crypto

Despite the government gradually accepting the idea of cryptocurrency, there’s ample opposition to privacy coins, such as ZEC and XMR. While digital assets, like ETH and BTC, are steadily becoming more accepted, exchange platforms, like Bittrex, are banning and delisting privacy-enhanced coins and assets.

In this article, we’ll look at possible reasons for the attacks on privacy coins and see if the future is bleak—or bright.

What Privacy Coins Were Excluded?

History of Delisting

The history of digital coins delisting is an interesting one which began in 2019.

Cryptocurrency delisting started in October 2019 when OKEx Korea stopped all forms of trading on its platform. The halt affected prominent crypto assets, such as Super Bitcoin (SBTC), Zcash, Monero, and ZEN. The delisting led to a significant decrease in the BTC to ZEC exchange market.

The leading crypto trading investor, BitBay, only sought to exclude Monero from its trading platform in 2020. Just a year after that, in January 2021, Bittrex excluded privacy coins like Zcash, Monero, and Dash from its platform. When a “top dog,” such as ShapeShift, excludes privacy-enhanced coins from its trading platform, it becomes a critical issue.

Suffice to say, delisting a coin significantly reduces its value. A delisted coin will struggle to not descend into oblivion.

The Possible Reasons for Privacy Coins Delisting

XRP issues

One of the major reasons behind privacy coins delisting is the United State’s SEC directory’s XRP issue of December 2020. The lawsuit allegations against Ripple’s CEO and co-founder insisted that the asset violated United States securities laws. 

Compliance With Surveillance Regulations

Sadly, the existence of privacy-enhanced assets has always been an issue to companies that operate on the KYC/AML laws. ShapeShift stated that the regulatory concerns against the privacy coins resulted in the delisting in 2020.

Derisk

Platforms delist coins from their services to excuse themselves from the possibility of legal complications that may arise from leaving the coins on their platforms. 

Form Over Substance

The form over substance ban, of course, is another reason why BTC to ZEC exchange has drastically reduced this past year. These bans strip  investors’ and traders’ accessibility to privacy coins on various exchange platforms.

What’s Next for Privacy Coins?

One would assume that the continuous threats and bans against privacy coins, and delisting, would lead to their extinction. However, these coins are thriving and ways of developing them are being discovered, e.g. the BTC to ZEC exchange. Of course, there’s still a clear gap between these coins and Ethereum or Bitcoin. However, they’ve been doing just fine year to year.

Monero recorded a 67% increase in its price in the last year. Others, such as Zcash, made a massive leap of 137%, while Verge recorded a 185% increase. Even in the developing phase, privacy coins still thrive in the ever-competitive crypto markets. 

Today, you can purchase and have direct access to privacy coins from decentralized exchanges, such as Godex.io.

Conclusion

If things remain as they are and delisted privacy coins still retain listing on all exchange platforms, it would be impossible to incur more losses in the future. With the support from current platforms, ZEC and XMR, etc. should regain ground resulting in a promising future for the coins.