Sep 13, 2022 09:00AM ET
By: AnalysisWatch
Huobi, one of the world's leading cryptocurrency exchanges, has announced that it is delisting seven privacy tokens to achieve compliance with tightening financial regulations.
Huobi DELIST privacy tokens
Huobi announced on Monday, September 12, that it will remove privacy tokens from its exchange, including Dash (DSH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC), and Horizen (ZEN).
Huobi revealed that it ended trading for these privacy tokens on September 6 and halted deposits on Monday, September 12. The exchange said it will completely remove these tokens by 8:00 UTC on September 19.
Huobi cites the company's token management policies and its efforts to meet compliance policies in the more than 100 countries where its services are available as reasons for drumming up privacy tokens.
An attack on cryptocurrency privacy
Huobi's compliance reasons for dumping privacy tokens come a month after the U.S. The Treasury Department banned customers in the U.S. from using Tornado Cash, a cryptocurrency mixer that enables private transactions.
Since the sanctions on August 8, users have moved to privacy tokens. However, with compliance forcing Huobi to withdraw privacy tokens, it now appears that regulatory agencies are seeking to eliminate privacy from cryptocurrency transactions.