New financial regulations force Huobi to delist 7 privacy coins.
Huobi, a Seychelles-based cryptocurrency exchange established in 2013, plans to delist 7 privacy coins.
According to the statement shared on Huobi’s website, the company claims that the decision to delist particular privacy coins came after the issuance of new financial regulations.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Blockchain Transaction Easily Explained! (Animated)
Huobi Global strictly complies with the compliance policies of every country and region and always endeavors to safeguard our users' assets.
Moreover, Huobi states that the delisting has to be made to comply with Article 17 (16) of the Huobi Global Token Management Rules. The regulation notes that Huobi has a right to cease trading if “the token is a privacy token does not support offline signatures, or its node source codes are not open-sourced.”
The cryptocurrency exchange aims to delist privacy coins, such as Firo (FIRO), Horizon (ZEN), Dash (DASH), Verge (XVG), Decred (DCR), Monero (XMR), and ZCash (ZEC).
Huobi informs that it terminated trading services for privacy coins on September 6th, as well as its deposit services, on September 12th. However, Huobi highlights that withdrawal services will continue to function until the day of delisting.
In its statement, Huobi notes that the delisting of particular privacy coins will take place on September 19th. Until that time, users are advised to close any open orders.
Privacy coins are cryptocurrencies that maintain the anonymity of users and their activity. It makes it difficult for authorities to trace who transferred what to whom.
It is not the first time, Huobi suspends crypto services to comply with regulations. On August 23rd, the company halted derivatives trading in New Zealand. The residents of this country cannot use “coin-margined futures, coin-margined swaps, USDT-margined contracts, options, Exchange Traded Products (ETP)” services.
