Leading cryptocurrencies Monero and ZCash have allegedly been delisted from BitOasis, a Dubai based cryptocurrency exchange. Whilst this might not be the most pressing matter to many investors, reports have surfaced that state BitOasis failed to inform investors that they would be delisting these cryptocurrencies, calling to question the safety of our assets that we are trading within cryptocurrency exchanges. Yes, cryptocurrency is decentralised, but when we see news like this we really have to ask the question - who is really in control here?
According to AMBCrypto:
“The Dubai-based exchange received an in-principle approval [IPA] from Financial Services Regulatory Authority [FSRA], its financial regulator, on May 13. The exchange had added Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Ripple [XRP], Litecoin [LTC], ZCash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Stellar Lumens [XLM] back in 2018 for trading purposes. However, according to a recent post on Reddit, the exchange delisted Monero [XMR] and ZCash [ZEC]. Various Twitter users appeared agitated with the exchange as they had de-listed the coins much before announcing it.”
Since then, the exchange had promised to issue a statement with further information on the future of Monero and ZCash within the BitOasis exchange, however as it stands any investors are still left in the dark about what has happened and indeed, what will happen going forward.
The really issue here however as I have stated is the fact that even now, with cryptocurrency becoming so advanced, the exchanges still have overall control and can interfere with our investments however they please. Though it doesn’t need to be malicious, exchanges have a lot of power, power that can in turn alter our investments and our choices, how can cryptocurrency be truly democratic, truly decentralised and truly transparent if this can be allowed to happen?
If anything, this does confirm our need for more decentralised exchanges, exchanges that rely more on the power of the blockchain and less on people and decision makers that are paid a wage. Until the whole industry becomes automated, can we really call it decentralised?
To conclude, we must reiterate that BitOasis have not done anything malicious here, they should however have taken more time to inform investors what they intended to do in the first place. No funds have been lost, but investors have been left a little confused about why Monero and ZCash have been delisted in the first place.