Cryptocurrency

Huobi delists seven privacy tokens, citing compliance policies

Zegex

Cryptocurrency exchange owned by Huobi announced In compliance with the new regulatory policy, we are planning to delist 7 privacy tokens.

Huobi closed trading of privacy tokens on September 6: Monero (XMR), Dash (DASH), Decred (DCR), Firo (FIRO), Verge (XVG), ZCash (ZEC), ZenCash (ZEN) . I was informed that no deposits will be accepted after September 12th. All open trading orders using affected tokens must be canceled prior to delisting.

Affected tokens are scheduled to cease to exist on the platform on September 19th.

Huobi said that privacy tokens violate certain countries’ financial regulations and Huobi token management rules and should be removed from the list.

According to Huobi, exclude privacy tokens from the list if they don’t support offline signing or hide the node’s source code.

A privacy token that advances functionality

Despite increased regulatory scrutiny of privacy tokens after the Tornado Cash incident, privacy protocols such as Monero and Litecoin are still pushing security features.

In early June, cryptocurrency exchange Binance withdrew support for Litecoin after implementing the MimbeWimble extension block feature. Privacy features allow Litecoin users to conduct confidential transactions without revealing their details.

Litecoin’s MimbeWimble upgrade was deemed to violate South Korea’s anti-money (AML) regulations. As a result, Bithumb, Upbit, and Gate.io moved to delist their privacy tokens.

Our flagship privacy token, Monero, has also enhanced its security features by upgrading its ring signature and security algorithm to Bulletproof+.

Following the increasing number of delistings of Monero (XMR) from centralized exchanges, the community planned to do a “Moneran”. The move was to collectively withdraw all his XMR deposits on Binance, Huobi and Poloniex.

The upgrade makes privacy tokens more secure for users concerned about protecting their identities. But it’s getting harder and harder to track down bad actors. In 2021, Monero was used as a payment method for ransomware criminals to receive her $602 million in illicit funds.

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