Topic: What the Bittrex Privacy Coin Delisting Means? (Read 97 times)
I consider this as a start by the authorities to put their stamp on privacy and they wanted to have a complete control over our transactions and i am not surprised they are forcing these exchanges to delist them and it will continue in the coming years. The authorities will come up with claims that majority of the scams and hacks takes place using these privacy coins and they will create a narrative for the no coiners.
Will this affect the prices of these coins? How will it affect them long-term? Hopefully other exchanges don't do the same thing.
In 10+ years all privacy coins will be excluded from mainsteream trading, drop 90% in value and be used mostly on darknet.
Thankfully there are DEX's. Dex's will allow people to freely transact, exchange without the interference of politics
All these will just push more and more people to DEXs and make DEXs a much better place to trade since you don't have to KYC and wait for 2 weeks to set up an account.
DEX wont help. You will be able to swap monero for btc there but this will be trackable transaction and blocked by CEX when you will want to use your btc there or trade to fiat. Most likely we will have 2 btc price that day. clean BTC price and dirty BTC price.
It can only mean privacy coins will drop in value in the short term.
They will rise in long term when atomic swaps actually work and when they
cant be shut down.
Privacy coins also might become important if theres more regulation
coming for the crypto market.
I think privacy coins right now are risky, you should only buy ones that
are very cheap.
Of course thats relative, compared to the recent bitcoin rise Monero for
example even still is kind of cheap. But when you cannot sell it or need
centralized solutions to trade them its a bit risky in my opinion.
Because fact is a huge percentage of people wont get Monero when they
are not on their exchanges. So alot of buyers are suddenly gone which
would lower the price.
They will rise in long term when atomic swaps actually work and when they
cant be shut down.
Privacy coins also might become important if theres more regulation
coming for the crypto market.
I think privacy coins right now are risky, you should only buy ones that
are very cheap.
Of course thats relative, compared to the recent bitcoin rise Monero for
example even still is kind of cheap. But when you cannot sell it or need
centralized solutions to trade them its a bit risky in my opinion.
Because fact is a huge percentage of people wont get Monero when they
are not on their exchanges. So alot of buyers are suddenly gone which
would lower the price.
Thankfully there are DEX's. Dex's will allow people to freely transact, exchange without the interference of politics
All these will just push more and more people to DEXs and make DEXs a much better place to trade since you don't have to KYC and wait for 2 weeks to set up an account.
Thankfully there are DEX's. Dex's will allow people to freely transact, exchange without the interference of politics
Bittrex exchange announced just days ago that it plans to remove trading pairs involving the Monero, Zcash, and Dash privacy coins.
The exchange will remove the following markets on Friday, January 15, 2021, at 23:00 UTC.
Bittrex has also announced that its users may receive up to 30 days to withdraw the delisted coins; however, this withdrawal period may be shortened. This has been a somewhat sudden decision, and is actually not in keeping with the sentiment of established and regulatory compliant exchanges such as Gemini and Kraken.
Following the announcement, Gemini CEO Tyler Winklevoss took to Twitter to show his support for Zcash, a privacy protocol with public and private transaction capabilities which shares a similar ethos to our NAV/xNAV coins. Kraken CEO Jesse Powell has also voiced his opinion on Twitter stating that there is little regulatory rationale behind the decision, and the delistings are specific to the business practices of Bittrex exchange.
The exchange saw its application for a virtual currency and money transmitter license being rejected by the New York State Department of Financial Services (NYDFS) in April 2019 and one of the reasons given was the failure to meet licensing requirements related to deficiencies in Bittrex’s BSA/AML/OFAC compliance program.
It’s important to note that the NYDFS has cleared the listing of Zcash on exchanges such as Gemini, and the decision by Bittrex does not affect NavCoin in any way. The Perkins-Coie whitepaper featuring privacy by default coins like Monero highlights that regulated entities can remain compliant with anti money laundering (AML) legislations while supporting privacy coins.
As a result, there is a legal framework supporting the listing of privacy coins and these delistings are a decision that is being taken solely by Bittrex exchange. However, we would like to reiterate that initially only the public NAV coin will be traded on centralized exchanges (CEXs).
Read more about the whole article here.
Will this affect the prices of these coins? How will it affect them long-term? Hopefully other exchanges don't do the same thing.
The exchange will remove the following markets on Friday, January 15, 2021, at 23:00 UTC.
- BTC-XMR, ETH-XMR, USDT-XMR
- BTC-ZEC, ETH-ZEC, USDT-ZEC, USD-ZEC
- BTC-DASH, ETH-DASH, USDT-DASH, USD-DASH
Bittrex has also announced that its users may receive up to 30 days to withdraw the delisted coins; however, this withdrawal period may be shortened. This has been a somewhat sudden decision, and is actually not in keeping with the sentiment of established and regulatory compliant exchanges such as Gemini and Kraken.
Following the announcement, Gemini CEO Tyler Winklevoss took to Twitter to show his support for Zcash, a privacy protocol with public and private transaction capabilities which shares a similar ethos to our NAV/xNAV coins. Kraken CEO Jesse Powell has also voiced his opinion on Twitter stating that there is little regulatory rationale behind the decision, and the delistings are specific to the business practices of Bittrex exchange.
The exchange saw its application for a virtual currency and money transmitter license being rejected by the New York State Department of Financial Services (NYDFS) in April 2019 and one of the reasons given was the failure to meet licensing requirements related to deficiencies in Bittrex’s BSA/AML/OFAC compliance program.
It’s important to note that the NYDFS has cleared the listing of Zcash on exchanges such as Gemini, and the decision by Bittrex does not affect NavCoin in any way. The Perkins-Coie whitepaper featuring privacy by default coins like Monero highlights that regulated entities can remain compliant with anti money laundering (AML) legislations while supporting privacy coins.
As a result, there is a legal framework supporting the listing of privacy coins and these delistings are a decision that is being taken solely by Bittrex exchange. However, we would like to reiterate that initially only the public NAV coin will be traded on centralized exchanges (CEXs).
Read more about the whole article here.
Will this affect the prices of these coins? How will it affect them long-term? Hopefully other exchanges don't do the same thing.
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