Huobi Global Is Delisting Monero (XMR) and Other Privacy Coins

by in Cryptocurrency News

Huobi privacy coins

Crypto exchange platform Huobi revealed it will remove seven privacy-focused cryptos next week. The decision is connected with the recent regulations and raised concerns about the assets.

Related: Bitcoin exchange Huobi will move to Singapore

Huobi released an announcement that says they strictly comply with the regulations of every jurisdiction. The platform ceased trading of DASH, Decred (DCR), FIRO, Monero (XMR), Verge (XVG), Zcash (ZEC), and Horizen (ZEN) on Sept. 6, 2022.

On Sept. 19, 2022, Huobi will begin to delist these tokens.Note that the platform is among the top 10 crypto exchanges by trading volume.

Privacy coins provide user anonymity when they make transactions. Using different techniques they obscure the origin and destination of transactions. According to monetary authorities, this ability is used by criminals for money laundering.

Earlier, in August, the US Treasury banned Ethereum-based transaction mixer Tornado Cash, which caused discussions and scrutiny over privacy coins.