Huobi to Delist Seven Privacy Tokens, Including Monero (XMR) and Zcash (ZEC)

Huobi, one of the world’s leading crypto exchanges, has announced that it will delist seven privacy tokens in order to achieve compliance with tightening financial regulations.

Huobi to Delist Privacy Tokens

Huobi announced on Monday, September 12, that it would delist privacy tokens from its exchange, including Dash (DSH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC), and Horizen (ZEN) 

Huobi revealed that it had terminated trading for these privacy tokens on September 6 and halted deposits on Monday, September 12. The exchange said it will completely delist these tokens by 8:00 UTC on September 19. 

Huobi cites the company’s Token Management Rules and its effort to meet compliance policies of more than 100 countries in which its services are available as the reasons for drumming out privacy tokens.

Attack on Crypto Privacy

Huobi’s compliance reasons for expelling privacy tokens comes a month after the U.S. Treasury Department barred customers in the U.S. from using Tornado Cash, a crypto mixer that enables private transactions.

Since the sanction on August 8, users shifted to privacy tokens. However, with the regulatory compliance forcing Huobi to delist privacy tokens, it now appears as though regulatory agencies seek to eliminate privacy from crypto transactions.

On the Flipside

  • Despite the increasing attack on crypto privacy, Monero recently launched a hard fork, improving the privacy and security features of its network.

Why You Should Care

According to Huobi, the move to delist privacy tokens was “in compliance with the latest financial regulations.”

Read more on Monero’s improved privacy features in:

Monero Hard Fork Goes Live, Introduces Improved Security and Privacy Features

Coinbase will fund a Tornado Cash lawsuit. Read in:

Coinbase to Fund Lawsuit Against U.S. Treasury Over Tornado Cash Sanctions

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).