In the crypto money world, the delist news for altcoins does not end. The latest news came from the famous stock exchange Huobi. Let’s look at the details.
Huobi takes action: altcoins delist
An important move came today from Huobi, a leading cryptocurrency exchange. It has decided to delist ten trading pairs containing Justin Sun’s USDD stablecoin. It is noteworthy that this move, which aims to improve the trading experience for users, comes after an important event. The move comes after recent SEC actions that classified various tokens as securities, including altcoins ADA, SOL, and MATIC. The delisting also follows a public dispute between Sun and the brother of Huobi’s founder.
Huobi specifically announced its plan to remove ten trading pairs on June 29, which includes Justin Sun’s USDD stablecoin. The primary purpose of the exchange is to provide users with a superior trading experience. Affected trading pairs include tokens such as altcoins SOL, ADA, APE, MATIC, FIL, and ETC. Issued by the community-run TRON DAO Reserve, USDD currently ranks as the seventh largest stablecoin by market cap.
SEC’s final classification and Huobi’s response
The decision to delist these trading pairs is in line with recent regulatory actions taken by the SEC. The SEC had classified various tokens as securities, including altcoins ADA, SOL, and MATIC. He had asked Huobi to adjust his bids accordingly. In response, Huobi had urged its clients to consider alternative trading pairs. It also called for canceling pending orders on the affected tokens. This proactive step ensures a smooth transition and automatic return of assets to users’ Spot accounts.
The delisting of tokens and the classification of securities by the SEC highlight the increasing scrutiny facing the cryptocurrency industry. The illegality of operating as an unregistered securities exchange in the United States has led other platforms such as Robinhood and eToro to withdraw support for certain tokens. Huobi’s decision shows the growing concern of the industry. It also reflects the need to comply with regulatory standards.
Huobi’s move to delist trading pairs containing Justin Sun’s USDD stablecoin demonstrates its commitment to providing a better trading experience for users. A situation has arisen with recent SEC actions that classify tokens as securities. Accordingly, the industry faces evolving regulatory challenges. The cryptocurrency market is adapting to meet regulatory requirements. On the other hand, platforms like Huobi want to ensure compatibility. It also takes proactive measures to ensure a safe trading environment for its users.
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