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Crypto exchange Gate.io has announced plans to discontinue perpetual contracts for five prominent privacy coins. Starting December 25, 2024, trading for Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), and Verge (XVG) will enter “reduce-only” mode
Crypto exchange Gate.io will soon be removing perpetual contracts for five privacy coins from its platform. As of December 25, 2024, trading for Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), and Verge (XVG) will be shifted to “reduce-only” mode, meaning traders will only be able to close existing positions and not open new ones.
The following day, at 08:00 UTC, all trading for these contracts will cease entirely. As part of the delisting process, all open orders will be canceled and remaining positions will be automatically settled.
To determine settlement prices, Gate.io will calculate the average index price from the 30 minutes prior to the final trading day. However, in cases of significant market volatility, the platform may extend the settlement timeframe to ensure fairness and prevent price manipulation.
Privacy Coins Under Regulatory PressurePrivacy coins have been facing increasing regulatory heat due to their advanced anonymity features, which can render transaction details largely untraceable. While Gate.io did not directly cite regulatory concerns as the reason for its decision, similar actions by other exchanges suggest compliance challenges may be a factor.
The total market capitalization for privacy coins currently stands at $6.47 billion, reflecting a 10.4% drop over the past 24 hours.
The delisting highlights the growing pressure on privacy-focused cryptocurrencies as global regulators tighten oversight on financial transparency. Traders and investors in these assets may face diminishing opportunities for trading and must adapt to the evolving regulatory landscape.
As the December deadline approaches, users are encouraged to stay informed and take necessary actions to manage their positions effectively.
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