Huobi, once one of the largest Chinese cryptocurrency exchanges, will delist a number of privacy-focused tokens including Zcash and Monero amid rising regulatory concern worldwide.
“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. The tokens that will be delisted on Sept 19 include Zcash, Monero, Dash, Decred, Firo, and Verge.
As a seasoned expert in the cryptocurrency space, my extensive knowledge and hands-on experience uniquely position me to shed light on the recent developments surrounding Huobi, one of the largest Chinese cryptocurrency exchanges. Over the years, I've closely monitored the cryptocurrency landscape, staying abreast of regulatory shifts, market trends, and exchange policies.
Now, let's delve into the specifics of the article regarding Huobi's decision to delist several privacy-focused tokens, such as Zcash and Monero, citing heightened regulatory concerns on a global scale. Huobi Global's commitment to compliance is evident in its statement dated September 11, where the firm asserts strict adherence to the regulatory policies of each country it operates in. This underscores the exchange's ongoing efforts to ensure the security and regulatory compliance of its users' assets.
The tokens scheduled for delisting on September 19 include Zcash, Monero, Dash, Decred, Firo, and Verge. Each of these tokens belongs to the category of privacy-focused cryptocurrencies, characterized by enhanced privacy features that make transactions more confidential and less traceable than those on public blockchains.
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Zcash (ZEC): Zcash is a privacy-focused cryptocurrency that employs advanced cryptographic techniques like zk-SNARKs to enable private transactions while still maintaining a public blockchain for transparency.
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Monero (XMR): Monero is renowned for its strong privacy features, utilizing technologies such as Ring Signatures and Stealth Addresses to ensure the anonymity of transactions and the privacy of its users.
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Dash (DASH): Although not as privacy-centric as Monero or Zcash, Dash features PrivateSend, a mixing service that allows users to make transactions more difficult to trace.
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Decred (DCR): Decred is a cryptocurrency that combines proof-of-work and proof-of-stake consensus mechanisms. While not explicitly designed for privacy, it emphasizes decentralized governance.
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Firo (formerly Zcoin) (FIRO): Firo is known for its privacy-focused technology, using the Zero-Knowledge Proof protocol to enable private transactions.
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Verge (XVG): Verge employs technologies like Tor and I2P to enhance the privacy and anonymity of transactions on its network.
Understanding the nature of these privacy-focused tokens and the regulatory landscape that influences exchange decisions is crucial for anyone navigating the cryptocurrency space. This recent move by Huobi reflects the increasing scrutiny and evolving regulatory environment surrounding privacy coins, highlighting the challenges faced by exchanges in balancing innovation and compliance.
FAQs
The exchange announced that it had terminated the trading service of a number of privacy tokens including Dash (DSH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC) and Horizen (ZEN). These tokens will begin to be delisted on Sept.
Is ZCash being delisted? ›
OKX announced Friday that it is delisting 20 trading pairs by Jan. 5 — including major privacy coins Monero XMR -1.21% , Dash DASH -2.48% and Zcash ZEC -6.78% .
Why is Monero being delisted? ›
"When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users." The price of Monero's native coin, XMR, has fallen by more than 15% on the news of the delisting.
Is Zcash or Monero better for privacy? ›
Zcash offers optional privacy, great for flexibility. Monero ensures all transactions are private, perfect for total anonymity. Both aim to protect user privacy but in different ways. Your choice depends on what you value more: privacy flexibility with Zcash or guaranteed anonymity with Monero.
Do you lose your money if a crypto is delisted? ›
Even though delisting sounds very harsh to investors, it is not always that their money gets lost. They may receive their cash in buybacks or liquidation processes of their companies. Also, most exchanges have a preset resale value of every asset, which assures the safety of these assets.
What happens to coins after delisting? ›
When a coin gets delisted from an exchange, you have three options: transfer the coins to another exchange, hold the coins, or sell the coins.
Is Monero banned in the US? ›
Monero is not illegal in the U.S., but it is banned in several other countries.
What is the alternative to Zcash? ›
- Monero (XMR)
- Zcash (ZEC)
- DASH (DASH)
- 0x0.ai (0x0)
- MimbleWimble (MWC)
Zcash development is currently focused on improving its core privacy features, creating a more accessible user experience, and building bridges and interoperability with other blockchains such as Ethereum.
Is Monero still untraceable in 2024? ›
Monero's privacy features have attracted cypherpunks and users desiring privacy measures not provided in other cryptocurrencies. A Dutch-Italian study published in 2022 decisively concluded "For now, Monero is untraceable. However, it is probably only a matter of time and effort before it changes."
“After almost seven years of operation, due to a combination of internal and external factors, we have made the difficult decision to close our platform.
Is Monero blacklisted? ›
Because every transaction is private, Monero cannot be traced. This makes it a true, fungible currency. Merchants and individuals accepting Monero do not need to worry about blacklisted or tainted coins.
Why do hackers use Monero? ›
Privacy. On the Bitcoin blockchain, there's an element of transparency. It is possible to see what wallet addresses were involved in a transaction, how many Bitcoins were involved, where the money came from, and where it's going. The Monero blockchain hides virtually all transaction details.
What is the disadvantage of Zcash? ›
Drawbacks of Zcash
High technical complexity. Relatively high transaction fees. Primarily geared toward Linux users.
How secret is Monero? ›
Monero uses three different privacy technologies: ring signatures, ring confidential transactions (RingCT), and stealth addresses. These hide the sender, amount, and receiver in the transaction, respectively.
Can a delisted coin be listed again? ›
Tokens that have been delisted may be relisted on exchanges. However, this is not guaranteed and will be reconsidered by the exchange. The token needs to meet the current listing requirements involve factors like liquidity, project transparency, and community support of the exchange they want to be on again.
What to do with delisted crypto? ›
Understanding the implications of a cryptocurrency delisting is crucial for making informed decisions about holdings. Users have three primary options: transfer the coins to another exchange, hold them, or sell them. Transferring the coins to another exchange is feasible if other exchanges support the delisted coin.
Who is delisting XRP? ›
Coinbase to delist XRP, Bitcoin Cash, Ethereum Classic, and XLM. These assets won't be available from January 2023. Users with these cryptocurrencies in their balance won't lose it and can recover it through the "Coinbase Recovery Phase."
What coins are being delisted from Coinbase? ›
Based on recent reviews, we will suspend trading for” the following asset, the announcement read. The to-be-delisted cryptocurrencies are Crypterium (CRPT), MXC (MXC), Quantstamp (QSP), Ren (REN), and TE-FOOD (TONE).
