- Huobi has planned to omit seven privacy coins from its exchange.
- The decision has been made keeping increased administrative pressure.
Huobi, a Seychelles-based cryptocurrency exchange, has plans to omit seven privacy coins from its exchange due to increased administrative pressure on anonymity-enhanced currencies (AECs).
The company has publicized that it had discontinued the trading service of various privacy tokens such as Dash (DSH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC), and Horizen (ZEN).
According to the platform, On September 19, the tokens will start to be omitted. At the same time, services were banned on Monday in cooperation with the announcement. Clients were requested to drop open orders for the privacy coins, as the platform will drop any recent orders at the time of omission and credit clients’ spot accounts.
The company highlighted that it had aimed to fulfill compliance laws of over 100 countries in which the services of the company are accessible. The announcement quoted attempts to act in accordance with the newest financial laws, together with the Token Management Rules of the exchange.
Article 17(16) of its laws records addresses “trading concealment or suspension,” which grants Huobi Global the privilege to hide or put a break on token trading in the following situations. Clause 16 is aimed at privacy coins specifically:
“The token must be a privacy token, does not back offline signs, or its joint source codes are not open-sourced.”
The company has verified that it will not run any trading services on its futures, margin, ETP, OTC, and trading bot services.
The company’s plan
The company is also planning to make a move into the United States market after obtaining a Money Services Business (MSB) license from the Financial Crimes Enforcement Network (FinCEN) of the United States in July 2022.
The privacy tokens have now experienced an enormous inspection by various authorities all over the world, like the regulators from Japan, South Korea, and Australia have banned their use in the last few years.
Source: https://www.thecoinrepublic.com/2022/09/13/huobi-to-omit-various-privacy-coins-quoting-regulatory-pressure/