Cryptocurrency exchange Huobi Global removed some privacy coins from its platform shortly after entering the US market. Chance?
Just two months after re-entering the US market, Huobi Global is phasing out some popular privacy coins from its cryptocurrency exchange. A connection between these events is likely, although the company has yet to confirm it. The incident joins a series of events that show how many government agencies are fighting against privacy coins.
Connections with probable return to the American market
Chinese cryptocurrency exchange Huobi Global has opted to delist privacy coin Monero and six other crypto tokens since September 19. The move came just two months after it entered the US market.
While the Seychelles-based exchange has yet to officially admit that the delisting of the affected coins is a condition of the business license, FireCoin Technology Holdings Limited, of which Huobi Global is a subsidiary, left the Chinese statement on the registration as as a money service provider. in the U.S. state that by taking this action, it creates a good basis of compliance for the company,”to conduct future digital currency transactions in the United States.”
This allows Huobi Global, ranked the 10th most popular crypto exchange according to CoinMarketCap, to return to the United States almost three years after the abrupt closure of its American subsidiary HBUS.
Furthermore, the crypto exchange expects “ will provide US users with even more secure and legal services for digital assets in the future and will continue to drive the expansion of international business.”
Seven coins disappear from Huobi Global
According to Pymnts.com, the English-language announcement of the delisting of Huobi Global’s privacy coins reveals that the decision ” in accordance with the latest financial regulation took place. Besides Monero, Zcash, Dash, Firo, Decred, Verge and Horizen are also affected by the measure.
Huobi Global is now redirecting links to affected coins on the trading platform to BTC/USDT. For example, who under “huobi.com/en-us/exchange/xmr_usdt to access XMR will automatically land on “ huobi.com/en-us/exchange/btc_usdt” and therefore gets to see the Bitcoin course.
Privacy exhibits are a thorn in the authorities’ side
Besides the United States, many other countries have already tried to take further action against private coins. Because these are apparently always a thorn in the side of the authorities. Sometimes they spend millions to find loopholes in the system and make coins like Monero traceable.
South Korean exchanges Bitthumb and Upbit removed Litecoin from their platform in June. Because not long ago, the Mimblewimble protocol had new data protection functions. Huobi Global, on the other hand, still offers Litecoin trading.
Likewise, US sanctions against Tornado Cash continue to be a hot topic in the crypto scene. Many data protection and crypto enthusiasts will surely remember you for a long time.
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Huobi Global is phasing out privacy coins from its exchange – Interstars
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