Huobi to Delist Privacy Coins Like Monero Amid Growing Regulatory Pressure
Amid the mounting regulatory pressure on the anonymity-enhanced currencies (AECs), crypto exchange Huobi has decided to delist seven different privacy coins from its platform.
In its latest announcement, the exchange said that it has terminated the listing of seven different privacy coins such as Dash (DSH), Monero (XMR), Decred (DCR), Firo (FIRO), ZCash (ZEC), Verge (XVG) and Horizon (ZEN).
Staring Monday, the Huobi crypto exchange has already terminated deposit services while the token delisting will happen ahead this year on September 19. As a result, the Huobi exchange has asked users to cancel any open orders for the privacy coins while the exchange has decided to cancel any existing orders during the delisting time and would credit users’ spot accounts.
Crypto exchange Huobi stated that it has made efforts to meet the compliance policies for more than 100 countries wherein the services are available. The announcement from Huobi noted that the decision comes in order to meet the compliance policies of more than 100 countries wherein its services are available. Huobi is willing to comply with the financial regulations as well as the company’s Token Management Rules.
In the Article 17(16) of its rules, Huobi Global cited the right for concealing or suspending token trading amid the following circumstances. The Clause 16 notes: “The token is a privacy token, does not support offline signatures, or its node source codes are not open-sourced.”
Crypto exchange Huobi confirmed that it had ended trading services on its futures, OTC, margin, ETP, and trading bot services.
On the other hand, Huobi is looking to make a move in the global jurisdictions. Last year in July 2022, the crypto exchange secured Money Services Business (MSB) license from the U.S. Financial Crimes Enforcement Network (FinCEN) and could be looking to expand its services in the United States.
On the other hand, crypto exchange Huobi is also willing to expand its base in Hong Kong as the region relaxes its crypto rules. Huobi chief Justin Sun announced on Monday that they have applied to secure a license for offering crypto trading services in Hong Kong.
Besides, Huobi plans to launch a new local exchange in the region dubbed Huobi Hong Kong. The exchange will be entirely compliant with local regulations. In his announcement, Justin Sun wrote: “The new exchange will focus on providing trading services for institutional investors and high net worth individuals in Hong Kong . It positions the exchange as a trusted and secure platform for larger investors in Asia who are looking to enter the crypto market”.