Zinger Key Points
- The move comes in reaction to opposition by regulators to consumers using crypto-based privacy technologies.
- Users have been asked to cancel any pending orders they may have for any currency on Huobi.
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Seychelles-based cryptocurrency exchange Huobi on Monday announced the delisting of seven tokens, citing financial regulations.
The crypto exchange stated that trading services for privacy tokens including DASH, DCR, FIRO, XMR, XVG, ZEC, and ZEN were terminated on Sept. 6 and their delisting will be initiated on Sept. 19.
Starting Sept. 12, deposits for each currency will cease to be accepted, although withdrawals will continue to be allowed.
“Huobi Global strictly complies with the compliance policies of every country and region and always endeavors to safeguard our users' assets,” the exchange stated.
Users asked to cancel pending orders
Users have been asked to cancel any pending orders they may have for any currency on Huobi.
In the event that they fail to do so, such orders will automatically be canceled at the moment of delisting, and any pertinent assets will be reimbursed to users' accounts.
Also Read: The Merge Opens Door To Ethereum Buying By Institutional Investors, Says Bank Of America
Coins having opaque public ledgers are nearly impossible to track
The move represents another barrier put up by regulators in the way of consumers using cryptocurrency-based privacy technologies.
Since public ledgers for coins like Monero are not completely visible, it is challenging or impossible for third parties to track the transactions.
Although cypherpunks prize this increased secrecy, regulators are wary of such coins because of their potential to support financial crimes.
By extension, it has made exchanges hesitant to handle the assets, which might hinder public acceptance of them.
In spite of Monero ranking among the top 30 cryptocurrencies by market cap, companies like Bittrex, Binance.US, and Coinbase do not provide trading for the cryptocurrency.
Are you ready for the next crypto bull run? Be prepared before it happens! Hear from industry thought leaders like Kevin O’Leary and Anthony Scaramucci at the 2022 Benzinga Crypto Conference on Dec. 7 in New York City.
Photo: Courtesy of FXTM Thailand on flickr
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