Huobi to delist 7 privacy coins including Monero and Zcash

Global crypto exchange Huobi Global (HT/USD) has announced its delisting of several privacy coins, some of them very popular and widely adopted across the ecosystem, according to the latest in crypto news from the company .

As the exchange notes in an announcement published Monday, the decision to delist the tokens is pegged on increasing regulatory spotlight on these types of cryptocurrencies.

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Trading and deposits halted

Huobi says the step is “in compliance with the latest financial regulations” and as outlined in the exchange’s Token Management rules.

Delisted coins are: Monero (XMR), Zcash (ZEC), Dash (DASH), Decred (DCR), Firo (FIRO), Verge (XVG), and Horizen (ZEN).

Trading for the affected coins was terminated on 6 September, as are futures, margin, OTC, and ETP services. Deposit services ended on Monday, according to the notice the crypto platform addressed to customers. What follows will be the tokens’ removal from the platform, which is set for 19 September 2022 at 08:00 (UTC).

However, while deposits have been halted, the withdrawal service is on and will continue. However, customers have been advised to cancel open orders for the privacy coins.

If users fail to cancel such open orders, Huobi will do so at the stated time of delisting – all Monero, Dash, Zcash, Decred, Firo, Verge , and Horizen tokens in cancelled orders will be credited to users’ spot accounts.

Huobi, which has plans to expand across the US market, is taking the move a few weeks after US Treasury sanctioned crypto mixing service Tornado Cash.As Invezz previously reported, Kraken CEO Jesse Powell termed the sanction as “unconstitutional”, while a lawsuit challenging the action has garnered support from Coinbase.