cryptocurrency

Huobi Global announces delisting of 7 privacy coins

  • After September 12, users will not be able to add funds to their coin wallet.
  • Tornado Cash, an Ethereum-based mixing service, was recently sanctioned.

On September 6, cryptocurrencies were traded Hopi It said it will no longer trade Dash (DSH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC) or Horizen (ZEN). After September 12, users will not be able to add funds to their coin wallet, but withdrawals will continue as normal.

On September 19, all these tokens will be removed from exchanges and trading forever. According to Huobi, the move is an attempt to comply with the “latest financial regulations,” as well as the company’s worldwide token management guidelines.

The company stated:

“Huobi Global strictly adheres to the compliance policies of each country and region and always strives to protect the assets of our users.”

Restrictions escalate due to sanctions

Huobi has requested to close all open orders for each currency. If they fail to do so, the applications submitted before the write-off will be automatically canceled, and the users will be credited with the corresponding assets.

Since there is no complete transparency in their public ledgers, such as coins Monero They make it very difficult, if not impossible, for third parties to keep track of individual transactions. The increased anonymity offered by these currencies is attractive to hackers, but it has also raised concerns among authorities who are concerned that they could be used to promote illegal activity.

This, in turn, has led to exchanges reluctance to deal with the assets, which could slow their widespread acceptance. For example, despite Monero’s position as one of the top 30 cryptocurrencies by market capitalization, exchanges including Bittrex, Binance.US, and Coinbase do not facilitate its trading.

Tornado Cash, an Ethereum-based mixing service, was recently sanctioned by the Office of Foreign Assets Control (OFAC), and one of its developers was immediately arrested.

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