Huobi to delist privacy coins due to financial regulations

Monero, Zcash and Verge are among seven privacy coins that Huobi will delist by September 19.

Users will have until September 19 to move their holdings or liquidate their positions in any of the affected privacy coins.

Deposits for the affected privacy coins have been removed, but withdrawals still remain.

Huobi delisting

In a statement from Huobi, the popular exchange explained why action had to be taken:

Huobi Global strictly complies with the compliance policies of every country and region and always endeavors to safeguard our users' assets. In compliance with the latest financial regulations and in accordance with Article 17(16)

Article 17(16) of Huobi’s ‘Global Token Management Rules’ states:

(16) The token is a privacy token, does not support offline signatures, or its node source codes are not open-sourced.

The seven privacy coins in question include Horizen (ZEN), Firo (FIRO), Monero (XMR), Zcash (ZEC), Monero (XMR), Decred (DCR), Dash (DSH) and Verge (XVG).

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The future of privacy coins

Privacy coins or blockchains with privacy features have gained popularity in recent years among traders.

With BNB Chain’s recent zkBNB announcement, there is a chance that zero-knowledge-proof technology and privacy coins will have a big role to play in the future. The ability for users to send, receive, and use decentralised applications anonymously is attractive to most people.

Privacy coins have always come under scrutiny by financial regulators from around the world.

Since the inception of Monero in 2014 and the ultimate removal of the coin from cryptocurrency exchanges, privacy coins have always been subject to legislation. Governments and financial regulators point out that privacy coins enable people to conduct financial crimes.

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