Binance Faces Backlash Over Potential ZEC Delisting Amid Industry Criticism
Apr 16, 2025, 3:14 p.m.
5 sources
negative
Binance is under fire after including privacy token Zcash (ZEC) on its ballot for a potential delisting vote. Industry leaders, including Zcash founder Zooko Wilcox, Digital Currency Group founder Barry Silbert, Ledger CTO Charles Guillemet, and Cosmos co-founder Ethan Buchman, have spoken out against the move, stressing the importance of privacy in the crypto space. The controversy comes at a time when regulators worldwide remain wary of privacy coins, with past discussions and leaked EU documents hinting at potential bans and regulatory crackdowns. Alongside ZEC, Binance’s ballot also features FTX’s FTT token and data security platform JASMY, though the bulk of the criticism is focused on the treatment of Zcash. ZEC, currently trading at $31.26, has already experienced a 3.1% drop in the past 24 hours, reflecting investor unease in response to the potential delisting. The backlash underscores broader concerns regarding regulatory scrutiny and the future of privacy tokens on major exchanges.
The potential delisting of Zcash is likely to exert significant downward pressure on its price. Influential endorsements against the decision by major industry figures, coupled with the already observed 3.1% drop, suggest strong negative short-term sentiment. In the long term, if delisting proceeds, reduced liquidity and market participation could further depress ZEC's valuation. Factors such as regulatory scrutiny of privacy coins and investor uncertainty weigh heavily on its prospects.
FTT, mentioned alongside ZEC, may face minor volatility due to its association with the delisting vote. Although the focus has largely been on Zcash, any negative outcome could spill over, leading to short-term speculative pressure. However, without direct regulatory concerns, FTT might stabilize quicker than ZEC over the long term.
JASMY
JASMY could experience an increase in volatility as investors react to its inclusion in the delisting ballot. The uncertainty surrounding the vote and regulatory implications might lead to short-term price weakness, though its long-term impact appears limited unless further regulatory actions target similar tokens.
Sources
Binance's Potential Zcash Delisting Met With Dismay From Industry Heavyweights
CoinDesk
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FTT and These Altcoins to Be Delisted From Binance Next?
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