Stricter cryptocurrency regulations hit hard the crypto market in 2019, and privacy coins are the most affected, lately. Accordingly, more and more exchanges either delisted or plan to delist Monero (XMR), Zcash (ZEC), Dash (DASH), and other privacy coins.
Several crypto exchanges delisted privacy coins
Coinbase UK was the first to cut support for Zcash (ZEC), arguing regulatory issues. Next, OKEx Korea took it one step forward and delisted not less than five privacy coin – Monero (XMR), Dash, Zcash, Horizon, and Super Bitcoin.
Recently, UpBit joined the delisting trend and removed Monero (XMR) and the other privacy coin from its platform. UpBit motivated its decision by stating that the exchange worries about the possibility of money laundering and other illegalities that privacy coins users might conduct.
These delistings cause Monero (XMR), Dash (DASH, Zcash (ZEC), and other privacy coins to drop.
Monero (XMR), Dash (DASH), and Zcash (ZEC) dropped due to recent delistings
Monero (XMR), for its part, traded at $79 on September 8th. Since then, due to the delistings from several exchanges, the XMR has been recording drops. As the time of this article, Monero (XMR) trades at $73.25, dropping by 0.23% in the last 24 hours.
Dash (DASH) kept its stability for a more extended period, but it registered significant drops after UpBit announced that it would delist privacy coins by the end of the month. At this moment, DASH trades at $93.97 after it decreased in value by about 2% in the last 24 hours.
Zcash (ZEC) registered the most significant drop in comparison to Monero (XMR) and Dash (DASH). On September 19th, ZEC traded at about $53. At the time of this writing, Zcash (ZEC) trades at $46.78, dropping by about 3.6% in the last 24 hours.
New crypto regulations could ‘kill' privacy coins
The new rules forced crypto exchanges to delist privacy coins, including Monero (XMR), Dash (DASH), and Zcash (ZEC), among others. This movement might affect this type of cryptocurrency.
Stricter rules might kill privacy coins, eventually. However, Monero (XMR) might have a solution to bypass the new regulations, and it might survive.
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