Huobi Will Stop Trading These Cryptos, Including Monero (XMR)

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Crypto exchange Huobi will stop trading Monero (XMR) and other privacy crypto assets due to regulatory pressure. Huobi said the token management policy and legal compliance efforts were the main reasons for the cessation of trading in the seven crypto assets.

The Chinese cryptocurrency exchange announced a halt to trading for privacy cryptos, including Dash (DASH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC), and Horizen (ZEN).

The crypto assets will be closed on September 19, 2022, while the deposit service will be discontinued on Monday following the announcement from Huobi.

Huobi Will Remove Monero (XMR) and Other Privacy Crypto

Huobi customers are encouraged to cancel orders for these privacy crypto assets. Huobi will cancel all open orders during the delisting time and refund the customer.

The Seychelles-based exchange tries to comply with the laws of the more than 100 countries where Huobi markets. Huobi's announcement is an attempt to comply with the law following the latest financial regulations as well as the company's Token Management Rules.

Article 17 of the Huobi rules deals with disguises or suspension of trade. This rule authorizes Huobi Global to suspend token trading under certain conditions.

Article 16 primarily targets privacy crypto assets. If the crypto asset is a privacy cryptocurrency, does not support offline signatures or the node source code is not open source, then Huobi reserves the right to stop trading.

The exchange confirmed it had stopped trading services for futures, margin, ETP, OTC and trading bots.

Cointelegraph has contacted Huobi Global regarding the factors behind this latest decision and the role of regulators in certain countries requiring the delisting of privacy crypto assets to be involved, including Monero XMR.

Huobi intends to enter the US market after obtaining its Financial Services Business (MSB) license from the US Financial Law Enforcement Network (FinCEN) in July.

Privacy crypto assets are in the spotlight in various jurisdictions around the world. Countries such as Japan, South Korea and Australia prohibit the use of privacy crypto assets.

The US and UK governments are also demanding regulatory action against the use of coin mixing tools, which are services used to disguise the source of transactions by mixing them with other transactions.

Due to regulatory pressure, Coinjoin, a popular coin mixing tool, recently announced that it would block illegal transactions.

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