Cryptocurrency exchange Huobi has revealed that it will be delisting seven privacy-focused cryptocurrencies next week. The decision is related to the latest regulations and raised concerns about the assets. Huobi issued a statement that they strictly follow the regulations in each jurisdiction. The platform suspended trading of DASH, Decred (DCR), FIRO, Monero (XMR), Verge (XVG), Zcash (ZEC) and Horizen (ZEN) on September 6, 2022.
September 19, 2022, Huobi will begin removing these tokens. Note that the platform is one of the top 10 cryptocurrency exchanges by trading volume.
Privacy coins provide anonymity when users transact. They use different methods to hide the origin and destination of transactions. According to the monetary authority, this ability is used by criminals to launder money. Earlier in August, the US Treasury Department banned Ethereum-based transaction mixer Tornado Cash, sparking debate and scrutiny of privacy coins.
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