Huobi to delist Monero and other privacy coins, citing regulatory pressures

Huobi to delist Monero and other privacy coins, citing regulatory pressures

As regulatory pressure increases on anonymity-enhanced currencies, Huobi will remove seven privacy coins from its platform.

The exchange announced that it had ended trading services for a variety of privacy tokens, including Dash (DSH), Decred(DCR), Firo/FIRO, Monero/XMR), Verge/XVG), Zcash/ZEC and Horizen/ZEN.

These tokens will be removed from the exchange on September 19, and deposit services will be ceased on September 12 in accordance with the announcement. Open orders for privacy coins were encouraged to be cancelled. Credit users spots accounts and existing orders will also be cancelled by the exchange at the time of delisting.

Related: Huobi moves closer to expansion in the USA after it obtains a FinCEN licence

Huobi stated that the company had made every effort to comply with compliance policies in more than 100 countries where its services are offered. Huobi noted that it had made efforts to adhere to the most recent financial regulations and the Token Management Rules.

Article 17 (16) of the rules list deals with ‘trading concealment and suspension’. This gives Huobi Global the ability to conceal or suspend token trades in the following situations. Particularly, Clause 16 addresses privacy coins.

“The token is privacy token. It does not support offline signatures and its source codes are not open-sourced.

It also confirmed that trading services for its futures, margin and trading bot services had been discontinued. Cointelegraph reached out to Huobi Global in order to determine the motivation behind the move as well as whether regulatory authorities in particular countries required the delisting.

Cointelegraph reported that privacy tokens have been under intense scrutiny in various jurisdictions around the globe. In particular, South Korean, Australian and Japanese regulators have banned their use in recent times.

After acquiring a Money Services Business license (MSB) from the US Financial Crimes Enforcement Network in July 2022, Huobi plans to move to the United States.

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