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Huobi Exchange Delists Privacy Coins Amid Regulatory Scrutiny

The Privacy Coin Purge

In a move that has the crypto community buzzing, Huobi Exchange has announced the delisting of seven notorious privacy coins. This includes popular tokens like Dash (DSH) and Monero (XMR) – the stars of the anonymity-enhanced currency (AEC) show. This decision, filed under the ‘better safe than sorry’ mantra, will take effect on September 19. So, if you’ve been stacking these coins thinking they would skyrocket, it might be time to rethink your strategy.

The List of Laid-off Tokens

While you might be mourning the loss of your beloved crypto gems, here’s the rundown of which coins will be taking a permanent break:

  • Dash (DSH)
  • Decred (DCR)
  • Firo (FIRO)
  • Monero (XMR)
  • Verge (XVG)
  • Zcash (ZEC)
  • Horizen (ZEN)

These tokens faced the axe not due to lack of performance, but rather the growing regulatory pressure surrounding privacy assets. It’s like a ‘Friends’ reunion without Joey – it just wouldn’t be the same!

The Compliance Conundrum

Huobi stated it’s making strides to comply with regulations in over 100 countries. It’s akin to trying to please everyone at a family reunion while Aunt Marge keeps bringing up that one embarrassing story from your childhood. The exchange cited its “Token Management Rules” as a guiding light in this labyrinth of compliance. Article 17(16) serves as the crux of their justification, overseeing the murky waters of privacy token trading.

“The token is a privacy token, does not support offline signatures, or its node source codes are not open-sourced.”

So, if your favorite crypto doesn’t play nicely with the rules, it’s outta here!

What Happens Next?

With the curtain coming down on these privacy coins, users are encouraged to cancel their open orders. Huobi pledged to wipe the slate clean, stating they would automatically cancel existing orders during the delisting process and graciously credit users’ spot accounts. Those who forgot they’d left a few lose ends untied, well, you’re in for quite the surprise!

The Bigger Picture

The spotlight on privacy cryptocurrencies is evidently getting a little too hot to handle, especially from the likes of regulators across Japan, South Korea, and Australia. Huobi’s desperate attempt to play by the rules might just be a reflection of a larger trend in the crypto world where anonymity is being met with increasing scrutiny. It’s like so many grandma’s soft cookies — sweet but fundamentally dangerous for one’s diet!

As Huobi pivots towards a U.S. market entry post acquiring a Money Services Business license from FinCEN, one can only wonder what’s next for the privacy coin brigade and what new regulations might be on the horizon. Stay tuned, folks, this crypto rollercoaster is just warming up!

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