Liquid cryptocurrency exchange delists Zcash to appease Singapore regulators, effect on ZEC/USD minimal


  • Liquid will be delisting Zcash to obtain a license to operate in Singapore. 
  • Apart from Zcash, 28 other coins have also been delisted.
  • The privacy-focused Zcash allows users to disclose transaction information selectively.
  • ZEC/USD keeps trending in an upward channel formation.

In a bid to obtain a license to operate in Singapore, Japanese cryptocurrency exchange Liquid is reportedly delisting the privacy-focused coin Zcash. The Electric Coin Company (ECC), which develops the Zcash cryptocurrency, announced in a recent tweet that ZEC, along with 28 other tokens, has been delisted from Liquid. No official announcement has been made by the exchange yet. 

Electric Coin Company noted that Liquid's decision was “made out of an abundance of caution” that doesn’t compromise the licensing process. The firm highlighted that despite its privacy-oriented nature, Zcash is “entirely compatible” with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. ECC further added:

We are not aware of any other exchanges taking a similar course of action. However, we are always available to help exchanges who wish to better understand how Zcash fits within a regulatory framework, and how exchanges can comply with their AML/CFT obligations.

Zcash is designed to let users selectively disclose private data about their transactions. Some reports have claimed that over 99% of Zcash transactions are traceable. However, there still appears a trend to delist privacy coins like Zcash among some exchanges.

ZEC/USD daily chart

ZEC/USD daily chart

ZEC/USD has gone up from $63.16 to $63.71 in the early hours of Saturday. The price has been trending in an upward channel formation for a long time. William's %R is trending at the edge of the overbought zone, showing that ZEC/USD is currently a little overpriced. The Elliott Oscillator has had five straight green sessions, indicating that the current market sentiment is bullish.

Support and Resistance

ZEC/USD has one strong resistance level at $64.325. On the downside, we have healthy support levels at $62.30, $59 (SMA 20) and $55.38 (SMA 50).

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price looks south towards $0.0000060 as technicals favor SHIB bears

Amidst an underlying downbeat mood across the crypto market, Shiba Inu extends the bearish momentum into the third straight day on Sunday. The tide is seen turning in favor of SHIB bears once again, as well depicted by Shiba Inu’s daily technical graph, with the market licking its wounds from the China-led blow. Upside remains elusive with 61.8% Fib offering strong resistance.

More Shiba Inu news

Cardano price eyes a drop towards $1.85

Cardano price is once again on the slippery slope this Sunday, kicking off a new week on the wrong footing, as ADA bulls lack follow-through recovery momentum. ADA sellers target 100-DMA at $1.85 on a firm break below $2.

More Cardano News

Ethereum bears contemplate a drop to $2450

ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.

More Ethereum News

Polkadot price at make-or-break point as DOT awaits a range breakout

Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance, 50-DMA guards the downside.

More Polkadot News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP