Cryptocurrency exchange Huobi is delisting seven different privacy coins from its platform as regulatory pressure on Anonymity Coins (AECs) mounts.
The exchange has announced that it has terminated the trading service for a number of privacy tokens, such as Dash (DSH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC) and Horizen (ZEN).
These tokens will begin delisting on September 19, while escrow services ceased on September 12 in correspondence with the announcement.. Users were urged to cancel open orders for the privacy coins, while the exchange will cancel any existing orders at the time of delisting and credit user accounts in cash.
Huobi noted that it has endeavored to comply with the compliance policies of more than 100 countries in which its services are available. The announcement cited efforts to comply with the latest financial regulations as well as the company’s token management rules.
Article 17 (16) of its list of regulations addresses “hiding or suspension of trading”, which gives Huobi Global the right to hide or suspend trading of tokens in the following circumstances. Clause 16 is directed at private currencies in particular:
“The token is a privacy token, it does not support offline signatures or its node source codes are not open source.”
The exchange also confirmed that it had ended trading services on its futures, margin, ETP, OTC, and trading bot services. Cointelegraph has contacted Huobi Global to find out the driving force behind the move and whether regulators in specific countries have necessitated the delisting of the respective privacy coins.
As Cointelegraph previously reported, privacy tokens have come under intense scrutiny in different jurisdictions around the world, with regulators such as those in Japan, South Korea, and Australia banning their use in recent years.
Huobi is considering entering the US market after acquiring a money services business (MSB) license from the US Financial Crimes Enforcement Network (FinCEN) in July 2022. ç
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