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Electric Coin Company (ECC), behind the development of the Zcash cryptocurrency, criticized Huobi’s decision to delist seven anonymous cryptocurrencies. Today it was announced that Huobi Global has been
Electric Coin Company (ECC), behind the development of the Zcash cryptocurrency, criticized Huobi’s decision to delist seven anonymous cryptocurrencies.
Today it was announced that Huobi Global has been delisted. $ZECalong with other currencies.
The ECC is disappointed with this decision, but will continue to work to ensure everyone has access to a fair and open currency, ZEC.
— Elektrik Madeni Para A.Ş. (@ElectricCoinCoin) September 12, 2022
“ECC is disappointed with this decision, but will continue to work to ensure everyone has access. ZEC – an honest and open cryptocurrency, ”said representatives of the organization.
Company representatives emphasized that they are examining Huobi’s solution and are ready to engage in dialogue with the trading platform. According to them, Zcash is “fully compliant with global standards. AML/CFT.
We are closely monitoring Huobi Global’s decision and welcome discussions with them.
In the unlikely event that Huobi Global’s decision results in any regulatory misperception, we will consider and emphasize that Zcash is fully compliant with global AML/CFT standards.
— Elektrik Madeni Para A.Ş. (@ElectricCoinCoin) September 12, 2022
According to the observations of ECC representatives, some media outlets wrote that the use of ZEC is illegal in some countries.
Finally, some media reports incorrectly state that the use of ZEC is “illegal” in some countries. There are no regulations that prohibit people in any jurisdiction from using ZEC.
— Elektrik Madeni Para A.Ş. (@ElectricCoinCoin) September 12, 2022
“There are no rules preventing people in any jurisdiction from using Zcash,” the developers wrote.
ECC Vice President of Development Josh Swihart emphasized that there is no such thing as a “hidden coin”.
There is no such thing as a “privacy coin” or AEC. Every coin provides some level of privacy, including Bitcoin. This is probably a failure @HuobiGlobal understanding how crypto works, buying a misinformed regulator, or both. Privacy is not binary. https://t.co/AlZwaWJ41c
— Josh Swihart 🛡 (@jswhart) September 12, 2022
“Every coin, including bitcoin, provides a certain level of privacy. Most likely, Huobi did not understand how the cryptocurrency works, ”the company representative wrote.
There are rumors that S. Korea is pressuring Huobi to be delisted. Based on previous actions, this is reasonable. The S. Korean government is concerned about money laundering and capital controls, but… https://t.co/QEj6klKGgM
— Josh Swihart 🛡 (@jswhart) September 12, 2022
“There are rumors that South Korea is pressuring Huobi to delist it. Considering previous actions [регуляторов страны], that’s reasonable. “The South Korean government is concerned about money laundering and capital control issues,” he said.
To him, Huobi’s actions appear to falter before regulators to the detriment of users’ interests.
Make no mistake, many exchanges don’t care about the freedom that crypto has the power to unlock. These are casinos that look after their bottom line, that exist solely to maximize trading volume to generate fees.
— Josh Swihart 🛡 (@jswhart) September 12, 2022
“Many exchanges are not interested in the freedoms that cryptocurrency can unlock. These are casinos that only care about their profits. They exist to maximize trading volume and generate income from commissions,” stressed Swihart.
Finally, he compared Huobi’s actions with the decision of the American exchange Coinbase, which supported the lawsuit against the US Treasury for sanctions against Tornado Cash.
Consider the actions taken by @coinbase Actions taken by vs in the past week @HuobiGlobal today.
You have a choice of which services to use and which to opt out of. Smart choice. https://t.co/kHydW2DtS4— Josh Swihart 🛡 (@jswhart) September 12, 2022
“You have a choice about which services to use and which ones to decline. Choose wisely,” said the ECC executive.
Recall that in June Zcash developers enabled the Network Upgrade 5 update. This update includes the launch of the Orchard secure payment protocol, which uses the zero-knowledge proofs-based Halo verification system.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
