Digital currency exchange KuCoin announced that it would make several modifications to its trading pairs as part of an internal process to streamline operations. According to the post published by the company, effective March 26, 2018, it will no longer support any trading pairs with Bitcoin Cash and also suspend trading in several pairs that include KCS, USDT, and NEO.
Several Crypto Exchanges Drop Bitcoin Cash Trading Pairs
A total of 22 trading pairs, including bitcoin cash, NEO, USDT and KCS, will be discontinued. According to the announcement, the pairs that will no longer be available after March 26, 2018 are; FOTA-BCH, KCS-BCH, DENT-BCH, ACT-BCH, UTK-BCH, DAT-BCH, XAS-BCH, DASH-KCS, CAG-KCS, MOD-KCS, DBC-USDT, TEL-USDT, FOTA-USDT, OCN-USDT, TNC-USDT, ETC-USDT, MOD-NEO, QTUM-NEO, ACAT-NEO, FOTA-NEO, BCH-NEO, and DENT-NEO.
Thirty minutes after beginning to decline any new orders for the discontinued pairs, KuCoin will also delete all open orders that have failed to execute by 16:00 UTC +8, March 26, 2018. However, Kucoin’s development and support teams have assured users that they will not lose any existing tokens due to the policy change. Trading of most tokens with other pairs will also continue to function as earlier.
OKExchange has also dropped bitcoin cash trading pairs, noting that the move was down to insufficient liquidity:
— Red Li (@redtheminer) March 29, 2018
Coincheck Delists ‘Privacy Coins’
Japan-based cryptocurrency exchange, Coincheck, known for being a target of a cyberattack in January 2018 that led to the loss of 500 million XEM tokens, is also delisting several trading pairs. After a brief internal review aimed at improving security measures, Coincheck announced that it will delist the so-called “privacy coins” from its exchange.
Monero, Dash, and Zcash are the three affected digital currencies. Financial regulators in Japan have also warned all cryptocurrency exchanges within the country to beef up their security. The increased scrutiny over the past two months or so has caused as many as five different exchanges to shut down permanently .
Security researchers strongly believe that Monero, due to its loosely built anonymity and privacy features, has become the go-to tool for transactions of illegal nature across the dark web. According to some news reports, the hackers involved in the Coincheck hack have even made websites on the dark web to convert the stolen XEM tokens to other cryptocurrencies.
Labeling the three cryptocurrencies “a big security risk” due to their money laundering potential, Coincheck will remove them from its trading platform in spite of them having large market capitalizations. Nevertheless, the move is surprising since Zcash and Dash are not completely anonymous. Even though both cryptocurrencies provide some privacy features, they have a myriad of legitimate uses as well.
Monero, originally Bitmonero, underwent a hard fork in 2014 that resulted in the creation of the cryptocurrency seen today. Given that it is currently the flag bearer of all privacy coins on the market, it has come under heavy criticism from skeptics of the cryptocurrency industry, especially those with the preconceived notion that the asset class disproportionately favors transactions of illegal nature. Dream Market, one of the leading darknet marketplaces, is reportedly in its final stages of integrating a Monero-based payment system within its website. It has also asked all associated vendors to migrate to Monero payment protocols as it gives them the option to remain anonymous while making payments.