Huobi has communicated to traders and investors on its platform that it has decided to halt the trading and custody services of seven privacy tokens. According to the exchange, this decision was concluded after several pressures from countries where the platform currently resides. The exchange highlighted the top seven privacy tokens, with Monero taking the lead. Other delisted tokens include Verge, Firo, Horizen, and Dash.
Huobi will delist the tokens by September 19
According to Huobi, the digital assets would be booted off the platform by September 19. However, the crypto exchange also added that deposits for the tokens had been halted effective immediately. The platform also urged users to cancel any order of the tokens they might have made. Huobi also added that should any orders remain open till September 19, and the exchange will automatically cancel it on behalf of the user and return the funds to their spot account.
Huobi mentioned that it has been trying hard over the last few months to satisfy the regulator framework in over 100 countries where the company has bases. In the announcement, the exchange pointed out that the update resulted from its decision to follow regulations and the company’s rules.
Countries are prohibiting the trade of privacy tokens
In the announcement, the exchange quoted a law stating that they are mandated to cancel or suspend any tokens with hidden trading details. Huobi mentioned that these privacy tokens lack offline signatures, and the source code behind their designs is not open. The company also mentioned prohibited trading across futures, margins, and other products. It is still unclear whether the number of countries that have mounted pressure on the exchange regarding privacy tokens has increased.
If that is the case, more countries are now moving to abolish the tokens, which could signal the end of using privacy tokens for transactions. Countries like Japan and Australia have been very vocal about their dislike for the tokens, with analysts predicting that more countries will follow suit in the coming years. Aside from that, Huobi is also making strides across the market, with the exchange now mulling plans to enter the US market in the coming months.