Privacy Coins Dash, Zcash, Firo, Decred Fall After Huobi Delisting

Privacy Coins: Seychelles-based cryptocurrency exchange Huobi announced the delisting of several cryptocurrencies today, including Dash, Monero, ZCash, and others.

«Huobi Global strictly adheres to the compliance policies of each country and region and always strives to protect the assets of our users,» the announcement states.

The exchange announced the delisting of seven privacy coins: the largest privacy cryptocurrencies by market cap, Monero (XMR) and Zcash (ZEC), also Dash (DASH), Decred (DCR), Firo (formerly Zcoin), Verge dogs (XVG) . , and Horizon (ZEN). The reason for the delisting is unclear, citing compliance policies, user safety, and Article 17(16) of the company’s Management Rules.

Article 17(16) of Huobi Put down the rules for «hiding» or suspending, specifically, privacy tokens that «do not support offline signatures, or [their] the node source codes are not open source.”

Privacy coins are cryptocurrencies that guarantee the anonymity of transfers, which hides the flow of money through their networks. They have long been of interest to authorities around the world.

Japan completely banned privacy coins back in 2018, while South Korea and Australia implemented rules restricting the trading of privacy coins at exchanges. The FATF Travel Rule and the AMLD-5 directive have been introduced by the European Union.

The recent ban on Ethereum (ETH) crypto mixer Tornade Cash by the US Treasury Department shows how eager the authorities are to crack down on anonymous transactions. Tornado Cash is an open source software that provides privacy (anonymity) for transactions on Ethereum. The Treasury has banned US citizens from using it, saying it is a matter of national security. The decision led to outrage among members of the crypto community.

Coin Center, a non-profit platform that addresses policy issues and development in the crypto sector, has conducted an analysis that they believe shows that the Treasury Department «exceeded its legal authority» in the decision regarding the crypto mixer.

Coinbase, one of the world’s largest crypto exchanges, decided to fund the lawsuit filed against the Department to «ensure the law’s distinction between people and code,» as sanctioning technology rather than individuals represents an issue «that goes much longer than Tornado Cash.”

Cryptocurrencies Dash, Zcash, Decred, and Firo fell about 1% after the announcement, while Monero gained about 4.5% in the last 24 hours.

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