Houbi, a global crypto exchange, declares Delisting of Major 7 Privacy Coins amidst Compliance Issues of Tornado Cash
Delisting of 7 Privacy Coins, including Zcash and Monero
Updates of the News
- Houbi announced on Monday, September 12, 2022, that it will delist the seven privacy coins amidst comprehensive regulatory security of such coins.
- Huobi further says the delisting crackdown of these tokens is scheduled for September 19th at 8:00 UTC.
- Recently, Houbi Global stayed in the secret $3 billion signing deal.
Brief Description of the Highlights
One of the largest crypto exchanges, Houbi, stopped both spot and futures trading of the privacy tokens. That includes Dash (DASH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC), and Horizon (ZEN) on the last day of September 2022.
The delisting will begin of these private tokens on September 19, 2022, at 8:00. At the same date and time, the deposit service of DASH, DCR, FIRO, XMR, XVG, ZEC, and ZEN will cease on Monday.
Source – Huobi Global
What is the Cause Behind the Step of Houbi Global?
As per the representative of Houbi Global, they are in compliance with the latest global financial regulations and policies in all countries and regions to safeguard the crypto assets of their users in their wallets.
Why did the Delisting of 7 Privacy Coins Start?
On August 8, the US Treasury Department prohibited its US citizens from using Tornado Cash, a decentralized mixer program that works on the Ethereum blockchain. It did so as a result of Tornado Cash’s $7 billion in money laundering over the years.
The program enables private transactions on the Ethereum blockchain, broadening the issues around privacy protocols and secret crypto fund transfers between recipients and transfers.
Due to the prevention of onlooking of privacy, Tornado Cash has become a source of fraud in crypto fund transfer activities as well as illegal transfers and an increase in cyber-terrorist fund transactions.
What Privacy Coins are all about?
Privacy coins are cryptocurrencies that maintain secrecy while transferring and receiving financial trades and remittances. It makes it impossible to snoop over financial transactions due to the inclusion of the zk-SNARKS Ethereum technology.