The officials at Huobi, a major cryptocurrency have made an announcement in regards to delisting multiple coins. The exchange has made the decision based on the strong pressure being exerted by the regulators.
Huobi to Delist Privacy Coins
Huobi has confirmed that it will not be delisting the common cryptocurrencies or coins. Instead, it will delist multiple privacy tokens from its platform.
According to the exchange officials, they will be delisting a total of 7 privacy tokens. The teams at the exchange have announced that the pressure has been mounted by the regulatory authorities.
The regulatory authorities have narrowed down the usage of privacy tokens, mainly known as anonymity-enhanced currencies (AECs).
The regulatory authorities have been increasing pressure on the exchange officials to delist AECs. Subsequently, the exchange has decided to delist the AECs that the regulator has demanded to remove from their platform.
AECs to be delisted
The Huobi officials have announced that they will be delisting 7 anonymity-enhanced currencies.
According to the executives, they will terminate the trading service for the AECs. These AECs include Horizen (ZEN), Zcash (ZEC), Verge (XVG), Monero (XMR), Firo (FIRO), Decred (DCR), and Dash (DSH).
The delisting of the tokens would initiate from September 19, 2022. The deposit service for the mentioned tokens would be delisted from September 12, 2022.
The exchange wants to ensure it terminates the deposit feature for the tokens ahead of the delisting of trades. This is to ensure no more users are able to buy or acquire these tokens to avoid any inconveniences going forward.
The users have already been communicated and urged by the officials to stop making attempts of adding AEC-based funds to their accounts.
Users to Close Open Positions
Additionally, the users have been requested to close any positions they had opened for the privacy tokens.
This is a courtesy reminder for the users because the exchange will proceed with closing any opened positions itself for the particular tokens by September 19.
Once the positions have been closed, the funds will be returned to the spot accounts of the users once the delisting of the tokens takes place.
Huobi Covers Over 100 Countries
Huobi currently exists as one of the largest cryptocurrency exchanges with a global presence. As of now, the exchange operates in over 100 countries and holds a regulated and legal status in all of them.
This means that the exchange is strictly adherent to the regulatory guidelines and requirements of the countries where it operates.
As the cryptocurrency exchange proceeds with the delisting of the AECs, their trading prices may start moving in a downward direction. Therefore, they must remain very vigilant when entrusting the exchange/assets with their money.