Crypto exchange Huobi will remove private tokens like Zcash and Monero from its platform

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In response to growing regulatory anxiety throughout the world, Huobi, previously among the biggest Chinese cryptocurrency exchanges, will delist a number of privacy-focused currencies, including Zcash and Monero.

“Huobi Global strictly complies with the compliance policies of every country and always endeavors to safeguard our users’ assets,” the firm said in a statement dated Sept. 11. On September 19, a number of tokens will be taken off the market, including Zcash, Monero, Dash, Decred, Firo, and Verge.

Privacy tokens like Monero, in contrast to Bitcoin or Ether, are made to be untraceable. Many crypto supporters prioritise privacy, but there have been more regulatory worries in the digital-asset privacy space.

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Tornado Cash, a project to conceal cryptocurrency transactions, has been accused of washing more than $7 billion in tokens since its creation in 2019 by the US Treasury Department’s Office of Foreign Assets Control. The organisation approved smart contracts, which are pieces of blockchain-based code, in addition to the digital wallets connected to Tornado Cash.

The British Virgin Islands’ financial watchdog recently granted Huobi a licence to run a cryptocurrency exchange there.

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