Huobi announced its plans to delist seven privacy tokens next week as regulatory firms worldwide crackdown on privacy tools. The announcement came a few days after Houbi acquired the license to operate in the British Virgin Islands.
Privacy coins such as Monero are tokens that provide additional security by obfuscating transactions, thereby preserving the anonymity of wallet holders. In contrast to Bitcoin or Ethereum, whose transactions can be easily tracked on the public ledger, the transactions made using privacy coins are significantly harder to track, thus raising concerns about their misuse by criminals to launder funds.
For this reason, many crypto exchanges prohibit trading privacy tokens on their platforms, with Huobi joining their ranks with its latest announcement.
The China-based exchange removed seven privacy tokens from its trading services on September 6 and plans to delist them from its exchange starting September 19.
The seven privacy coins include Monero (XMR), Dash (DASH), Verge (XVG), Decred (DCR), Firo (FIRO), Zcash (ZEC), and Horizon (ZEN). Huobi claims that according to Article 17, the exchange holds the right to suspend trading for coins that do not support private signatures, or whose node codes are not open source.
According to the blog post,
“Huobi Global has already ended trading services for the privacy tokens of DASH, DCR, FIRO, XMR, XVG, ZEC, and ZEN in futures, margin, ETP, OTC, and Trading Bot.”
Additionally, the deposit services of the flagged tokens would cease starting September 12, with no impact on the coins' withdrawals. Huobi will also cancel orders open after the platform delists these tokens on September 19. The assets from the canceled orders will be credited to users’ spot accounts.
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