Huobi Delists 7 Privacy Coins Due to Financial Regulations
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New financial rules force Huob to remove 7 privacy coins.
HuobiSeychelles cryptocurrency exchange established in 2013, going to remove 7 privacy coins.
By opinion shared on Huob’s website, The company claims that the decision to remove certain privacy-protecting coins was made after new financial regulations were issued.
Huobi Global strictly adheres to the compliance policies of each country and region and always strives to protect the assets of our users.
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In addition, Huobi states that removal from the list must be done complies with Article 17 (16) of the Huobi Global Token Management Rules. The regulation states that Huobi has the right to stop trading if “the ID is a data protection ID does not support offline signatures or its node’s source code is not open source.”
The goal of the cryptocurrency exchange is to remove privacy coins such as Firo (FIRO), Horizon (ZEN), Dash (DASH), Verge (XVG), Decided (DCR), Monero (XMR)and ZCash (ZEC).
Huobi reports that it discontinued privacy coin trading services on September 6th, as well as its deposit services on September 12. However, Huobi emphasizes that withdrawal services will continue to operate until the day of departure.
In his statement Huobi points out that The removal of certain privacy coins will take place on September 19th. Until then, users are advised to close all open orders.
Privacy coins are cryptocurrencies that maintains the anonymity of users and their activities. It is difficult for the authorities to trace who has transferred what to whom.
This is not the first time Huobi has suspended crypto services to comply with regulations. August 23 company stagnant derivatives trading in New Zealand. Residents of this country cannot use “coin margin futures, coin margin swaps, USDT margin contracts, options, Exchange Traded Products (ETP)” services.