Zcash developers criticise Huobi’s decision to delist anonymous cryptocurrencies

The company behind Zcash, Electric Coin Company (ECC), criticised Huobi’s decision to delist seven anonymous cryptocurrencies.

Today it was announced that Huobi Global delisted $ZEC, along with other currencies.

ECC is disappointed with this decision, but will continue its work to ensure that everyone has access to ZEC, a fair and open currency.

— Electric Coin Co. (@ElectricCoinCo) September 12, 2022

“ECC is disappointed with this decision, but will continue its work to ensure access for everyone to the ZEC — a fair and open cryptocurrency,” said representatives of the organisation.

The company emphasised that they are studying Huobi’s decision and are open to dialogue with the exchange. In their view, Zcash is AML/CFT standards.

We are monitoring Huobi Global’s decision closely and welcome conversations with them.

In the unlikely event Huobi Global’s decision results in any regulatory misperceptions, we will address and highlight that Zcash is fully compatible with global AML/CFT standards.

— Electric Coin Co. (@ElectricCoinCo) September 12, 2022

Finally, some media reports have incorrectly stated that the use of ZEC is “outlawed” in certain countries. There are no regulations that prohibit people, in any jurisdiction, from using ZEC.

— Electric Coin Co. (@ElectricCoinCo) September 12, 2022

“There are no rules prohibiting people in any jurisdiction from using Zcash,” the developers wrote.

ECC’s vice president of development, Josh Swihart, stressed that there is no such thing as a “privacy coin”.

There is no such thing as a «privacy coin» or AEC. Every coin provides some level of privacy, including Bitcoin. This is likely a failure by @HuobiGlobal to understand how crypto works, overreach by a misinformed regulator, or both. Privacy isn’t binary. https://t.co/AlZwaWJ41c

— Josh Swihart 🛡 (@jswihart) September 12, 2022

“Every coin, including Bitcoin, provides a certain degree of privacy. Huobi has probably not understood how cryptocurrency works,” wrote a company representative.

There are rumors that South Korea pressured Huobi to delist. Based on prior actions, this is plausible. The government in South Korea has been concerned about money laundering and capital controls, however… https://t.co/QEj6klKGgM

— Josh Swihart 🛡 (@jswihart) September 12, 2022

“There are rumours that South Korea pressured Huobi to delist. Given regulators’ previous actions in the country, this seems plausible. The government of South Korea is concerned about money laundering and capital controls,” Swihart added.

In his view, Huobi’s actions appear to be kowtowing to regulators at the expense of users’ interests.

Make no mistake, many exchanges do not care about the freedom crypto has the power to unlock. They are simply casinos, looking after their own bottom line, existing only to maximize transaction volume in order to generate fees.

— Josh Swihart 🛡 (@jswihart) September 12, 2022

“Many exchanges are not interested in the freedoms that crypto can unlock. They are simply casinos, focused on their own profits. They exist to maximise transaction volume and to earn fees,” Swihart emphasised.

Finally, he compared Huobi’s actions with Coinbase’s decision to back a lawsuit against the U.S. Treasury over sanctions on Tornado Cash, which had supported a lawsuit against the U.S. Treasury over sanctions related to Tornado Cash.

Consider the actions taken by @coinbase last week vs. the actions taken by @HuobiGlobal today.
You have a choice on which services to use, and which to abandon. Choose wisely. https://t.co/kHydW2DtS4

— Josh Swihart 🛡 (@jswihart) September 12, 2022

“You have a choice of which services to use and which to abandon. Choose wisely,” ECC’s executive urged.

In June, the Zcash developers activated Network Upgrade 5. It includes the launch of the Orchard shielded payment protocol, which uses the Halo-based zero-knowledge proofs.

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