Bitstamp Contemplating Support for Zcash Amid Widespread Privacy Coin Delistings

Fibo Quantum

By&nbspKapil Gauhar

Bitstamp is one of the longest-running active crypto exchange that is considering to launch a batch of new cryptocurrency asset listings.

Inquisitively, Bitstamp is considering support for Zcash (ZEC), in spite of an expanding number of exchanges trying to separate themselves from privacy coins because of related regulatory risks.

Bitfinex Thinks About First New Listings in Quite a While

Bitstamp, on March 31, 2020, declared that it is ‘actively exploring’ support for 7 crypto assets, including two stablecoins and one privacy coin.

The prospective listings include Zcash, USD Coin (USDC), 0x (ZRX), Paxos Standard (PAX), Stellar Lumens (XLM), Ethereum Classic (ETC), and Basic Attention Token (BAT).

Crypto Exchanges Abandon Privacy Coins

The updated money laundering guidelines from Financial Action Task Force (FATF) passed in 2019 included the catalyst for a space of privacy coin delistings.

In the midst of August 2019, leading US-based exchange Coinbase reported that it would never again offer support for Zcash custody and pairing for customers situated in the UK.

Last year in September, South Korean exchanges, Upbit and OKEx announced that they would stop support for a few privacy coins including DASH, Monero (XMR), and ZEC; crypto assets described as ‘the three mysterious kin’ by Japanese controllers.

BitBay Additionally Dropped Monero in November 2019.

Users May See Indications of Prospective Listings on Bitstamp

The crypto exchange takes note that the consideration of the prospective listings will include “strict technical, safety and compliance reviews, as well as regulatory approval in certain jurisdictions.”

Bitstamp includes that users may notice ‘indications of engineering work’ identified with the crypto assets viable, including –

“We can’t ensure that this will bring about any new postings and it doesn’t preclude some other resources from being checked for conceivable help at Bitstamp.”

If Bitstamp supports a new crypto asset, it would be the exchange’s first new listing since BCH in 2017, and the principal listing introduced by NXMH — the Belgium-based investment company who acquired Bitstamp two years back in October.

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.