Horizen Scraps Privacy Coin Moniker Amid Regulatory Scrutiny
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Horizen, a self-described layer 0 blockchain, has scrapped its privateness coin label following international regulatory scrutiny.
The choice comes after stress from regulators on privateness cash. Crypto change Huobi delisted a number of privateness cash in September in an effort to adjust to laws in numerous jurisdictions, and the European Banking Authority publishing draft steerage in March that highlighted the anti-money laundering danger related to the tokens.
“Zen will no longer be considered a privacy coin after the deprecation of the mainchain shielded pools,” Horizen wrote on Twitter. “We are actively working with our exchange partners to keep ZEN accessible for our global users.”
The token is at the moment buying and selling at $7.09 after making a slight transfer to the upside as its buying and selling pairs struggled to take care of liquidity on Binance and Coinbase, in response to CoinMarketCap.
Horizen is backed by crypto hedge fund Grayscale’s Horizen Belief, which is price round $4.3 million, in response to CoinGlass. Grayscale is a sister firm to CoinDesk, each owned by Digital Forex Group.
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