Leading cryptocurrency exchange Huobi Global will delist seven privacy tokens next week amid increased regulatory scrutiny of such tokens, it announced in a statement on Monday.
Huobi Global, one of the world's largest exchanges, said in a statement that “Huobi Global strictly adheres to the compliance policies of every country and region and always strives to protect users' assets.”
Spot and futures trading for Dash (DASH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC) and Horizons (ZEN) tokens was suspended last Tuesday. The delisting of these tokens is scheduled to begin on September 19 at 8am UTC.
According to Huobi, deposit services for DASH, DCR, FIRO, XMR, XVG, ZEC, and ZEN will be suspended at 8 a.m. UTC on Monday, but withdrawal services will continue to function.
Huobi said the move was “in compliance with modern financial regulations.”
A representative for Huobi did not immediately respond to a request for further comment.
Privacy coins are cryptocurrencies that maintain anonymity by hiding the flow of funds across the network. This can be useful if you want to keep prying eyes on your financial activity, as it makes it harder to figure out who sent what to whom.
On August 8, the U.S. Treasury Department banned Tornado Cash, a decentralized mixer program that enables private transactions on the Ethereum blockchain, from being used by customers in the United States, raising questions about privacy protocols and privacy coins in general and increasing scrutiny of such tokens.
Despite the overall crypto market rally on Monday, the sector fell 0.42% over the past 24 hours, according to the Privacy Token Index.
