Huobi Global, a well-known cryptocurrency trading platform, pointed out that in response to the regulatory policy requirements of various governments, it has decided to delist 7 cryptographic tokens focusing on privacy and anonymous transactions, including Monero (XMR), on September 19. currency.
“In order to fully protect the security of user assets, Huobi Global strictly abides by the compliance and regulatory policies of various countries around the world,” the exchange said in a statement issued on September 12.
To this end, Huobi Global has suspended the spot and futures trading of 7 privacy coins on September 6, these cryptocurrencies are: Dash (DASH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC) and Horizen (ZEN).
Huobi Global also pointed out that the seven privacy coins are expected to be officially delisted at 4:00 p.m. Taiwan time on September 19, and the recharge service has been stopped on September 12, but withdrawals are still possible.
Huobi Global said the move “complies with the latest financial regulations”. Since privacy coins are difficult to trace and have money laundering concerns, they have fallen into the scope of violations of the International Financial Action Task Force (FATF) guidelines for preventing money laundering.
In recent years, the cryptocurrency industry has become increasingly unfriendly to privacy-focused cryptocurrency projects. Due to regulatory pressure, many exchanges around the world have chosen to delist Monero, Dash, Zcash and other anonymous coins.
Analysts at cryptocurrency research firm MICA Research have previously explained:
At present, the market liquidity is still dominated by centralized exchanges. Since hidden coins will greatly increase the legal compliance cost of exchanges, cryptocurrency exchanges are usually reluctant to list privacy coins, because it is a big hassle to verify user transactions. .