Horizen, a blockchain platform known for its foundational layer, has decided to distance itself from being categorized as a privacy coin. This decision comes in light of increasing regulatory scrutiny on a global scale.
This move follows the trend of privacy coins facing mounting pressure within the regulatory landscape. In September, Huobi, a prominent cryptocurrency exchange, delisted several privacy coins to ensure compliance with regulations in various jurisdictions.
In March, the European Banking Authority released preliminary guidelines highlighting the potential risk of money laundering associated with tokens like these.
In a Tweet, Horizen announced that ZEN will no longer be considered a privacy coin due to the depreciation of the primary blockchain’s shielded pools. The platform is actively working with its exchange partners to ensure continued accessibility of ZEC for its global user base.
Compiled by Coinbold