In an announcement on Sep 12, Huobi, one of the largest crypto exchanges in the world, revealed that it will delist 7 privacy coins next week. This decision was made as regulations related to privacy coins are being tightened. “Huobi Global strictly complies with the compliance policies of every country and region and always endeavors to safeguard our users’ assets”, Huobi said.
Since last Tuesday, Huobi has suspended spot and features trading of many privacy coins, including dash (DASH), decred (DCR), firo (FIRO), monero (XMR), verge (XVG), zcash (ZEC) và horizen (ZEN). These 7 tokens are expected to be delisted starting at 8: UTC on Sep 19. At the same time, the deposit service of these tokens will be suspended, only withdrawal service will temporarily remain active.
Privacy coins are cryptocurrencies that protect anonymity by hiding the flow of money across their networks. However, this makes it difficult to identify the sender and receiver of funds as well as track the financial activity of crypto users.
On August 8, the US Treasury Department imposed sanctions on Tornado Cash, a mixer that supports private transactions on the Ethereum blockchain, raising questions about privacy protocols and privacy coins. Privacy coins, of course, have become the next target watchdogs. Over the past 24 hours, privacies coins have lost 0.42% of their value while the crypto market is showing signs of bouncing back.
Follow our channels for more crypto news:
- Cryptory Insights: https://t.me/CryptoryInsights
- Cryptory Global Community: https://t.me/CryptoryCommunity
- Facebook: https://www.facebook.com/CryptoryNetwork
- Twitter: https://twitter.com/CryptoryNetwork