ShapeShift Delists Zcash Due to Scrutiny From US Regulators

Colorado-based cryptocurrency exchange, ShapeShift has delisted privacy coin Zcash. Also, users can no longer buy or sell Monero, or Dash on the crypto trading platform.

November 11, 2020 | AtoZ Markets – In addition to Monero (XMR) and Dash (DASH), the ShapeShift crypto exchange platform has ended support for Zcash (ZEC). The company explained that the decision to delist these coins was because of their regulatory concerns.

“We are shielding the company from regulatory risks, so we are not working with these coins at the moment,” ShapeShift chief lawyer Veronica McGregor said.

ShapeShift is one of the investors in the Electric Coin Company behind the development of Zcash and added support for the coin almost immediately after the mainnet launch in 2016.

While ShapeShift quietly delisted XMR and the DASH last week, the removal of  ZEC was not noted.

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Crypto exchanges continue to delist Monero, Zcash & Dash

In 2019, the South Korean bitcoin exchange Upbit warned about the delisting of six anonymous coins: Monero, DASH, ZCash, Haven, BitTube, and PIVX.

Read also: Monero Money Laundering Concerns Causes BitbBay to Delist XMR

In the same year, the Korean division of cryptocurrency exchange OKEx announced to delist Monero, ZCash, DASH, Horizen, and Super Bitcoin. The platform later suspended the delisting process for ZCash and Dash.

As AtoZ Markets recently reported, the Financial Services Commission of South Korea (FSC) will soon ban digital asset service providers from operating domestically with privacy coins. According to the regulator, Zcash, Monero, and Dash possess a high-risk of money laundering.

Recall that in 2015, ShapeShift refused to accommodate regulators and completely stopped serving residents of the states of New York and Washington. In 2018, the company introduced the critically acclaimed mandatory registration as a membership program.

ShapeShift founder and CEO Eric Voorhees later said that the decision helped to anticipate potential legal risks for the company.

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