The platform’s decision is related to compliance with the laws of a number of countries

Huobi crypto exchange will delist 7 anonymous tokens

13.09.2022 - 07:30

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2 min

What’s new? On September 19, 08:00 UTC, cryptocurrency exchange Huobi will delist seven privacy tokens: Dash (DASH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC), and Horizen (ZEN). The platform said in a statement that the company “strictly complies with the compliance policies of every country and region,” and this move is “in compliance with the latest financial regulations.” The platform has already stopped most of the trading for these assets, but the withdrawal function for them continues to operate.

Huobi’s statement

Privacy tokens are digital assets with increased anonymity. Due to their internal design, they hide the flow of transactions on the network, making it harder to trace user transfers.

What is known about Huobi? It is a digital asset trading platform founded in 2013 in Beijing. Currently, it is based in Seychelles, it also has offices in Hong Kong, South Korea, Japan, and the US. The platform hosts 634 digital assets and, 1000 trading pairs. As of September 13, 07:10 UTC, the daily trading volume is $811,5 million. The native token, Huobi Token (HT), is used to receive fee discounts, as well as additional rewards and bonuses. The asset is trading at $4,75, having gained 0,9% overnight, according to CoinGecko. The asset has a capitalization of $729,8 million.

What happened before? Platforms have become wary of anonymous tokens because of the recent blocking of the most popular crypto mixer. On August 8, the US authorities imposed sanctions against Tornado Cash, noting that more than $7 billion had been laundered through the service since its inception, including from hacks.

After that, dYdX and Uniswap crypto exchanges, the Oasis.app DeFi platform and the Aave DeFi protocol began blocking users whose addresses are associated with Tornado Cash. And Circle, the issuer of the USD Coin (USDC) stablecoin, blocked more than 75 000 coins associated with the sanctioned mixer addresses.

Read about what awaits DeFi projects after sanctions against Tornado Cash in GetBlock Magazine’s special feature.

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