Over the past week, cryptocurrency exchanges have been delisting privacy coins like Monero, ZCash, and others, many of them without providing reasons why.
Some have cited regulatory compliance and advisory pressures from countries like France, whose finance committee recommended banning privacy coins altogether. But they’re not alone. Across Asia, Australia, and even North America, crypto privacy has come under fire.
As a result, traders have turned to privacy-preserving exchanges like the Incognito pDEX to continue to trade the privacy coins, and enjoy privacy for their other cryptocurrencies.
Daily trading volume reaches ATH
On Saturday, January 2nd, the delisting had its initial effect on the Incognito community. Total trading volume in the pDEX jumped 540% in a single day, bringing the total to an all-time-high of $2.7 million.
The effects are still being felt, as trading volume remains 200% above what it was before the delisting.
Privacy is here to stay
Efforts to squash access to privacy have only bolstered the global privacy community. Daily, more and more people realize the need for privacy and turn to exchanges and wallets like Incognito to protect themselves.
In addition to daily trading volume, the longer-term metrics of shield volume, liquidity, and transactions are at all-time highs in their month-over-month growth. It appears privacy will continue to thrive in the face of its opposition.
You can read more on the current state of privacy and Incognito in the December PRV Holders letter.