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Horizen Scraps Privacy Coin Moniker Amid Regulatory Scrutiny
Horizen says it's now simply a layer 0 blockchain after deprecating the shielded pools on its main chain.
Updated Mar 8, 2024, 5:01 p.m. Published Jun 28, 2023, 11:25 a.m.
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Horizen, a self-described layer 0 blockchain, has scrapped its privacy coin label following global regulatory scrutiny.
The decision comes after pressure from regulators on privacy coins. Crypto exchange Huobi delisted several privacy coins in September in order to comply with regulations in various jurisdictions, and the European Banking Authority publishing draft guidance in March that highlighted the anti-money laundering risk associated with the tokens.
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"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 currently 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.
Horizen is backed by crypto hedge fund Grayscale's Horizen Trust, which is worth around $4.3 million, according to CoinGlass. Grayscale is a sister company to CoinDesk, both owned by Digital Currency Group.
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