Recently, cryptocurrency exchange Huobi has announced its decision to delist privacy coins like Monero in response to increasing regulatory pressure. This move is part of a larger effort by the crypto industry as a whole to comply with anti-money laundering (AML) and know your customer (KYC) regulations.
The world’s third largest digital asset exchange has stated that it will be removing all trading pairs for Monero, Zcash, Dash and Super Bitcoin from its platform on November 13th 2020 at 8:00 am UTC+8. It is worth noting that these assets are still available for withdrawal until December 15th 2020 at 8:00 am UTC+8 which gives users ample time to transfer their funds if necessary.
Huobi’s decision comes after months of speculation about how exchanges should handle privacy coins such as Monero given their ability to obscure transactions from public view – something regulators have long been concerned about when it comes cryptocurrencies’ potential use in illicit activities or money laundering schemes. By delisting these tokens, Huobi hopes not only ensure compliance but also protect itself against any legal repercussions down the line due possible violations of AML/KYC laws by unknowingly facilitating illegal activity through anonymous transfers enabled by certain currencies on its platform..
While some may argue this move could limit innovation within the space or stifle growth potential for certain projects associated with said tokens; Huobi believes that taking proactive steps now will ultimately benefit both customers and regulatory bodies alike while helping create an environment where responsible practices can thrive over time without fear of breaking laws unintentionally .