Huobi Korea Ends Support for Monero Cryptocurrency

Huobi Korea Ends Support for Monero Cryptocurrency

Huobi Korea has announced delisting Monero (XMR) cryptocurrency trading as of 9 April 2020, due to “low trading volumes and anonymity functions”.

However, the company did not refer to the recent ‘Nth room’ case, as South Korean media claimed that the exploitation ring used Monero to complete anonymous transactions.

The crypto exchange stated in a blog post:

“We decided to end the transaction to prevent the situation that could be caused by poor transaction volume and Monero’s anonymity.”

“It is recommended that users cancel pending orders in the above trading pairs in advance. Once the trading pairs are removed, users’ pending orders will be canceled by the system and their token assets will be refunded to their exchange account balance,” Huobi added.

However, the South Korean newspaper Sisa Journal reported that there is no evidence that XMR was used for transactions inside Telegram chat rooms, where 74 females have been reported to be victims, some of whom are minors.

The newspaper added that the man accused of leading the sexual exploitation gang, Chu Ju Bin, preferred payment in XMR for their untraceable traits. The cryptocurrency was allegedly used to pay the monthly salaries of chat room managers.

“Even if the support of the digital asset ends, it will support withdrawal until the mentioned date,”  Huobi stated.

Huobi ranks 1st with USDT deposits

Huobi Global took the first rank with the largest deposits of Tether (USDT), accounting for $1.5 billion, according to @CryptoDiffer twitter. Meanwhile, Binance came second, followed by OKEx.

Huobi loses position in average deposit

As regards average deposit, Binance took the leadership with an average deposit of $26.8 thousand USD by each user. It was followed by OKEx ($21.2 thousand USD).

As for the number of active users, Huobi recorded 284,494, followed by Binance (88,588 users). The third position was taken by OKEx with 40,413 users, followed by Bitfinex (12,435).

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.