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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.

By Oliver Knight
AccessTimeIconJun 28, 2023 at 11:25 a.m. UTC
Updated Mar 8, 2024 at 5:01 p.m. UTC
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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September in order to comply with regulations in various jurisdictions, and the European Banking Authority publishing draft guidance in March that highlighted the anti-money laundering risk associated with the tokens.

"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.

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Oliver Knight
Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

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