Okx Joins Binance in Major Delisting Wave
In response to the ongoing discussions surrounding Binance's removal of privacy coins, cryptocurrency exchange Okx has announced that it will also be removing several spot trading pairs associated with privacy tokens such as monero, zcash, and dash. Okx cites user feedback and its own delisting guidelines as the reasons behind this decision.
Privacy Tokens Take a Hit: Okx Joins Binance in Major Delisting Wave
Privacy coins have been facing increased scrutiny due to regulatory and compliance requirements that have intensified in recent times. Okx has now followed suit by removing 20 trading pairs, which will no longer be operational after January 5, 2024. Prior to this, on December 27, Okx suspended deposits for ZEN, XMR, CAPO, DASH, FSN, CVP, ZKS, and ZEC. The suspension of withdrawals for these coins is scheduled for March 5, 2024.
According to Okx, the decision to delist these trading pairs is based on the exchange's continuous monitoring of their performance and regular review of their listing qualifications. The exchange states, "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."
Controversy Surrounding Delisting of Privacy Coins by Okx and Binance
Advocates for privacy have expressed their dissatisfaction with Okx and Binance's delisting actions. On the other hand, some argue that the fate of certain privacy coins will not be significantly impacted by the lack of support from exchanges and that they will continue to thrive.
Following the announcement, the value of many privacy coins experienced a significant decline on Friday, with the entire privacy coin market dropping by over 6% against the U.S. dollar. XMR fell by 3.6%, ZEC saw a decrease of 11.3%, and DASH lost 9% within a 24-hour period.
What are your thoughts on Okx's decision to delist privacy coins? Feel free to share your opinions and perspectives on this matter in the comments section below.
Frequently Asked Questions
What is a Precious Metal IRA, and how can you get one?
Precious metals are an excellent investment for retirement accounts. They have been around for centuries and are still very valuable today. You can diversify your portfolio by investing in precious metals, such as gold, platinum, and silver.
Some countries also allow citizens to keep their money in foreign currency. You can buy Canada gold bars and keep them home. Then, when you go back to visit family, you can sell those same gold bars for Canadian dollars.
This is a great way to invest in precious metals. It's especially useful if you live outside of North America.
How much should your IRA include precious metals
Protect yourself against inflation by investing in precious metals like gold and silver. This is not only an investment for retirement, but it can also help you prepare for any economic downturn.
Although silver and gold prices have increased in recent years, they can still be considered safe investments as they don't fluctuate nearly as much as stocks. These materials are also in high demand.
Silver and gold prices are typically predictable and stable. They are most likely to rise when the economy grows and fall during recessions. This makes them very valuable money-savers and long term investments.
You should invest 10 percent of your total portfolio into precious metals. You can increase this percentage if you want further diversification.
How much of your portfolio should be in precious metals?
To protect yourself from inflation, investing in physical metals is the best option. Because precious metals are a long-term investment, you can not only buy in to the current value but also the future potential of these assets. So as prices rise, so does the value of your investment.
Gains will be taxed if you keep your investments for at minimum five years. After that time, capital gains taxes will be due. If you want to learn more about how to buy gold coins, visit our website.
Can I have gold in my IRA.
Yes, it is possible! You can include gold in your retirement plan. Gold is a great investment as it doesn't lose money over time. It also protects against inflation. It doesn't come with taxes.
Before you decide to invest in gold, it is important to understand that it isn't like other investments. You can't purchase shares in gold companies, unlike stocks and bonds. Nor can you sell them.
Instead, you should convert your gold to cash. This means you will need to get rid. It is not possible to keep it.
This makes gold different than other investments. As with other investments you can always make a profit and sell them later. That's not true with gold.
You can't even use your gold as collateral to get loans. For example, if a mortgage is taken out, you may have to sell some of your gold in order for the loan to be paid.
So what does this mean? You can't just keep your gold forever. You will have the need to make it cash someday.
But there's no reason to worry about that now. To open an IRA, all you need is to create one. After that, you can start investing in gold.
What are the pros & con's of a golden IRA?
A gold IRA is an excellent investment vehicle for those who want to diversify their holdings but don't have access to traditional banking services. It allows you to invest freely in precious metals, such as gold, silver and platinum until they are withdrawn.
However, early withdrawals of funds will incur ordinary income tax. However, these funds are kept outside the country and cannot be seized by creditors if you default.
A gold IRA might be the right choice for you if you enjoy owning gold and don't worry about taxes.
Statistics
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
External Links
wsj.com
regalassets.com
en.wikipedia.org
takemetothesite.com
How To
How to decide if a Gold IRA is right for you
Individual Retirement Account (IRA) is the most popular type. IRAs can also be purchased through banks, mutual funds, financial planners, and other institutions. Individuals can contribute as much as $5,000 per year without any tax consequences. This amount is available to all IRAs, regardless of age. There are limits to how much money you may put into certain IRAs. For example, a Roth IRA contribution is not allowed if you are less than 59 1/2. If you're under 50, you must wait until you reach age 70 1/2 before making contributions. Individuals who work for their employer could be eligible for matching employer contributions.
There are two main types of IRAs: Traditional and Roth. A traditional IRA lets you invest in stocks, bonds, real estate, and other investments, while a Roth IRA lets you invest only in after-tax dollars. Roth IRA contributions don't get taxed as soon as they are made. However, withdrawals from a Roth IRA will be taxed again. Some people choose to use a combination of these two accounts. Each type has its advantages and disadvantages. How do you choose the best type of IRA for you? Three things to bear in mind before you decide which type of IRA is best for you:
Traditional IRA Pros
- Contribution options vary by company
- Employer match possible
- It is possible to save more than $5.000 per person
- Tax-deferred tax growth until withdrawal
- May have restrictions based on income level
- Maximum contribution limit: $5,500 per annum (or $6,500 for married filing jointly).
- The minimum investment is $1,000
- After age 70 1/2, you must begin taking mandatory distributions
- An IRA can only be opened by someone who is at least five years older than you.
- You cannot transfer assets between IRAs
Roth IRA Pros
- No taxes owed when contributing
- Earnings grow tax-free
- No required minimum distributions
- Only stocks, bonds, mutual funds are available as investment options.
- There is no maximum contribution limit
- There are no limitations on the ability to transfer assets between IRAs
- An IRA can only be opened by those 55 and older
If you are thinking about opening an IRA, it is important to be aware that not all companies offer exactly the same IRAs. Some companies offer the option of a Roth IRA, while others provide a choice between a Roth IRA and a traditional IRA. Others offer the possibility to combine them. There are different requirements for different types. A Roth IRA does not have a minimum investment requirement. Traditional IRAs require a minimum of $1,000.
The Bottom Line
It is important to decide whether you want taxes now or later when you choose an IRA. A traditional IRA may be the right choice if you retire within ten years. A Roth IRA may be a better choice for you. It doesn't matter what, it is a good idea consult a professional to discuss your retirement plans. An expert can advise you on the best options and how to navigate the market.
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