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.
(1/5) We have been notified by Liquid that they will delist Zcash along with 28 other coins as part of their process for applying for a license to operate in Singapore.
— Electric Coin Company (@ElectricCoinCo) July 22, 2020
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
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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).
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
