The Japanese Liquid crypto exchange will delist the popular privacy-oriented coin Zcash in order for the Singaporean regulators to like it and to give it a new license, as we are reading in the Zcash latest news.
The Japanese Liquid crypto exchange is reportedly delisting Zcash (ZEC) in order to apply to a new license and to operate in Singapore. The Electric Coin Company which stands behind the Zcash cryptocurrency announced the news a while ago and elaborated that Zcash will be delisted with the other 28 tokens as well. Liquid is ranked at the sixth position among top-level exchanges on CryptoCompare but it hasn’t posted an official statement yet on whether they plan to delist the cryptocurrency.
According to the Electric Coin Company, Liquid’s decision came out of an abundance of caution but they simply tried to prompt the process of obtaining a license. The Zcash developer noted that despite the privacy-oriented nature, Zcash is compatible with the Anti-money Laundering or AML requirements and the Combating the financing of terrorism regulations. The Electric Coin Company outlined that this goes in line with 2019 notice by the Singaporean central bank and financial regulator as the Monetary Authority of Singapore.
Expressing hope that the exchange will soon reverse its decision to delist the coin, the Electric Coin Company continued:
“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.”
As we have reported previously in the Zcash latest news, the privacy cryptocurrency is one of the most popular privacy-oriented cryptocurrencies besides Monero. Opposed to public blockchains of cryptocurrencies such as Bitcoin, Zcash is designed to allow users to disclose private information about transactions. Despite the reports that claim that more than 99% of the ZEC transactions are traceable, there’s still a trend to delist privacy cryptocurrencies as most exchanges including Coinbase did back in 2019.
On the other hand, back in 2020, Bitstamp was planning to list Zcash while an increasing number of exchanges are looking to distance themselves from the privacy coins because of the high risks associated with regulatory compliance.
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