Horizen, a blockchain platform formerly known as a privacy coin, has decided to drop the label following increased regulatory scrutiny. This comes after Huobi delisted several privacy coins in September to comply with regulations, and the European Banking Authority publishing draft guidance in March that highlighted the anti-money laundering risk associated with the tokens.
We are actively working with our exchange partners to keep ZEN accessible for our global users, Horizen wrote on Twitter. Zen will no longer be considered a privacy coin after the deprecation of the mainchain shielded pools.
At the time of writing, Horizen is trading at $7.09 after making a slight move to the upside as its trading pairs struggled to maintain liquidity on Binance and Coinbase, according to CoinMarketCap. The token is backed by crypto hedge fund Grayscale’s Horizen Trust, which is worth around $4.3 million, according to CoinGlass.
We are actively working with our exchange partners to keep ZEN accessible for our global users, said Horizen.