The cryptocurrency exchange Okx has made the decision to sever its ties with privacy coins, following in the footsteps of Binance. This move comes as regulatory pressure mounts on these types of cryptocurrencies. Okx has announced the removal of several spot trading pairs associated with privacy tokens such as monero, zcash, and dash. The exchange cites "feedback from users" and adherence to their delisting guidelines as the reasons behind this decision.
Privacy Tokens Take a Hit: Okx Joins Binance in Major Delisting Wave
Privacy coins are once again facing the threat of removal as regulatory and compliance requirements continue to tighten in 2023. Okx has revealed that it will be delisting 20 trading pairs, with operations ceasing on January 5, 2024. Deposits for ZEN, XMR, CAPO, DASH, FSN, CVP, ZKS, and ZEC were already halted on December 27, and the suspension of withdrawals for these coins is scheduled for March 5, 2024.
The exchange explains, "In order to maintain a robust spot trading environment, we constantly monitor the performance of all listed trading pairs and review their listing qualifications on a regular basis. Based on feedback from users and the Okx Token Delisting / Hiding Guideline, we will be delisting several trading pairs that do not fulfill our listing criteria."
Advocates of privacy are expressing their dissatisfaction with the delisting actions taken by Okx and Binance. However, others argue that the support of exchanges is not essential for certain privacy coins to thrive.
Following the announcement, there was a significant decline in the value of many privacy coins on Friday. The entire privacy coin market experienced a 6% drop against the U.S. dollar within 24 hours. XMR fell by 3.6%, ZEC decreased by 11.3%, and DASH lost 9%.
What do you think about Okx delisting privacy coins? Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
What is a Precious Metal IRA, and how can you get one?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These are “precious metals” because they are hard to find, and therefore very valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Precious metals often refer to themselves as “bullion.” Bullion refers to the actual physical metal itself.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
With a precious metal IRA, you invest in bullion directly rather than purchasing shares of stock. This allows you to receive dividends every year.
Precious metal IRAs have no paperwork or annual fees. Instead, you only pay a small percentage on your gains. Additionally, you have access to your funds at no cost whenever you need them.
Are You Ready to Invest in Gold?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. Consider investing in both.
You can earn potential returns on your investment of gold. Retirees will find it an attractive investment.
Gold is more volatile than most other investments. Because of this, gold’s value can fluctuate over time.
This doesn’t mean that you should not invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another benefit to gold? It’s a tangible asset. Gold is much easier to store than bonds and stocks. It is also easily portable.
You can always access your gold if it is stored in a secure place. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
Additionally, it will be a benefit to have some of your savings invested into something that won’t lose value. Gold usually rises when stocks fall.
You can also sell gold anytime you like by investing in it. Just like stocks, you can liquidate your position whenever you need cash. It doesn’t matter if you are retiring.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
Also, don’t buy too much at once. Start by purchasing a few ounces. Next, add more as required.
It’s not about getting rich fast. It is to create enough wealth that you no longer have to depend on Social Security.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
Is buying gold a good way to save money for retirement?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
Physical bullion bars are the most popular way to invest in gold. However, there are many other ways to invest in gold. It is best to research all options and make informed decisions based on your goals.
If you’re not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. If you are looking for cash flow from your investment, buying gold stocks will work well.
ETFs allow you to invest in exchange-traded funds. These funds give you exposure, but not actual gold, by investing in gold-related securities. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.
How can I withdraw from a Precious metal IRA?
You first need to decide if you want to withdraw money from an IRA account. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. This option will require you to pay taxes on the amount that you withdraw.
Next, you’ll need to figure out how much money you will take out of your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you know what percentage of your total savings you’d like to convert into cash, you’ll need to determine which type of IRA you want to use. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. Brokers often offer promotional offers and signup bonuses to encourage people into opening accounts. Avoid unnecessary fees by opening an account with your debit card, rather than your credit card.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage facilities will take bullion bars while others require you only to purchase individual coins. Either way, you’ll need to weigh the pros and cons of each before choosing one.
For example, storing bullion bars requires less space because you aren’t dealing with individual coins. But you will have to count each coin separately. However, keeping individual coins in a separate place allows you to easily track their values.
Some people prefer to keep their coins in a vault. Others prefer to store them in a safe deposit box. You can still enjoy the benefits of bullion for many years, regardless of which method you choose.
How to Open a Precious Metal IRA?
The first step is to decide if you want an Individual Retirement Account (IRA). To open the account, complete Form 8606. For you to determine the type and eligibility for which IRA, you need Form 5204. This form should not be completed more than 60 days after the account is opened. Once this is done, you can start investing. You can also contribute directly to your paycheck via payroll deduction.
For a Roth IRA you will need to complete Form 8903. Otherwise, the process will be identical to an ordinary IRA.
To qualify for a precious Metals IRA, there are specific requirements. You must be at least 18 years of age and have earned income to qualify for a precious metals IRA. Your annual earnings cannot exceed $110,000 ($220,000 if you are married and file jointly) for any tax year. Additionally, you must make regular contributions. These rules are applicable whether you contribute through your employer or directly from the paychecks.
You can invest in precious metals IRAs to buy gold, palladium and platinum. However, you can’t purchase physical bullion. This means you won’t be allowed to trade shares of stock or bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. This option is offered by some IRA providers.
There are two major drawbacks to investing via an IRA in precious metals. First, they’re not as liquid as stocks or bonds. They are therefore more difficult to sell when necessary. They don’t yield dividends like bonds and stocks. So, you’ll lose money over time rather than gain it.
Do You Need to Open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. There is no way to recover money that you have invested in precious metals. This includes losing all your investments due to theft, fire, flood, etc.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items can be lost because they have real value and have been around for thousands years. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. It’s also wise to consider using a third-party custodian who will keep your assets safe while giving you access to them anytime.
If you decide to open an account, remember that you won’t see any returns until after you retire. Remember the future.
Statistics
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item’s value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
External Links
irs.gov
investopedia.com
bbb.org
finance.yahoo.com
How To
The History of Gold as an Asset
From ancient times to the beginning of the 20th century, gold was used as a currency. It was widely accepted around the world and enjoyed its purity, divisibility and uniformity. Because of its intrinsic value, it was also widely traded. Because there were no internationally recognized standards for measuring and weighing gold, the different weights of this metal could be used worldwide. For example in England, a pound sterling equals 24 carats. In France, a livre tournois equals 25. Carats of golden. Germany had one mark which equals 28. Carats.
The United States began issuing American coin made up 90% copper, 10% zinc and 0.942 fine-gold in the 1860s. The result was a decrease in foreign currency demand, which led to an increase in their price. The price of gold dropped because the United States began to mint large quantities of gold coins. The U.S. government was unable to pay its debts due to too much money being in circulation. To do this, they decided that some of their excess gold would be sold back to Europe.
Many European countries began accepting gold in exchange for the dollar because they did not trust it. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The price of gold rose significantly over the years. Even though the price fluctuates, gold is still one of best investments.
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By: Jamie Redman
Title: Okx to Cut Ties With Privacy Coins Amid Regulatory Heat, Triggering Market Dip
Sourced From: news.bitcoin.com/okx-to-cut-ties-with-privacy-coins-amid-regulatory-heat-triggering-market-dip/
Published Date: Fri, 29 Dec 2023 18:00:11 +0000
