Privacy Coins is a term for anonymous coins, allowing users to trade Bitcoin and other popular cryptocurrencies as safely and discreetly as possible.
Recently, Huobi, a Seychelles-based cryptocurrency exchange, announced the delisting of several cryptocurrencies today, including Dash, Monero, ZCash, and others.
“Huobi Global strictly adheres to the compliance policies of every country and region and strives to protect the assets of our users,”
The exchange has announced the delisting of seven Privacy Coins: the largest anonymous cryptocurrency by market cap, Monero (XMR) and Zcash (ZEC), Dash (DASH), Decred (DCR), Firo (formerly Zcoin), Verge coin (XVG), and Horizon (ZEN). The reasons behind the delisting have not been clarified, citing the Company’s compliance policies, user safety and Article 17 (16) of the Regulatory Rules:
Article 17 (16) of Huobi describes the rules on the act of concealing information, more specifically that anonymous tokens do not “support offline signatures or they do not contain open source code”.
Privacy coins are subject to stricter surveillance
Privacy coins ensure the anonymity of translations, masking their online cash flow. They have long been the object of interest of authorities around the world.
Japan banned anonymous currencies outright in 2018, while South Korea and Australia have implemented rules restricting anonymous currencies from being traded on exchanges. The European Union has introduced the FATF Travel Rules and the AMLD-5 directive. The U.S.
Treasury Department’s recent ban on Ethereum(ETH)-based Cryptocurrency mixer Tornade Cash shows how eager authorities are to act when it comes to anonymous transactions. Tornado Cash is open-source software that provides privacy (anonymity) for transactions on Ethereum. The Treasury has banned U.S. citizens from using it, calling it a national security issue. This decision has led to outrage among members of the crypto community.
Coin Center, a non-profit platform that deals with policy and development issues in the cryptocurrency sector conducted an analysis showing that the Ministry of Finance had “exceeded its legal authority” in its decision regarding cryptocurrency mixers.
Coinbase, one of the world’s leading cryptocurrency exchanges, has decided to fund the lawsuit against the ministry to ensure “the distinction of law between people and code.”
Dash, Zcash, Decred, and Firo cryptocurrencies fell about 1% after the announcement, while Monero is up about 4.5% over the past 24 hours.
