Binance recently lowered the collateral ratio for selected assets and is facing backlash for considering removing Zcash (ZEC) from its platform. This week, Zcash and two other tokens—FTX’s FTT and data security platform JASMY—were included in a vote. People were asked to vote on whether these tokens should stay or be removed from the Binance platform. Zcash Founder Speaks Out Zcash is a privacy-focused digital asset that lets users send and receive money without revealing their identities. Its market value is about $500 million. Zcash founder Zooko Wilcox was not happy about the news. He posted a tweet on X, tagging Binance CEO Richard Teng. He questioned the idea of delisting Zcash and asked what kind of world was being created. He wondered whether the goal was for future generations to grow up in peace and prosperity or to lack financial control and freedom. His message showed how Binance’s decision could have long-lasting impacts on privacy in the digital world. Other well-known figures in the crypto space also spoke up. Barry Silbert, the founder of Digital Currency Group, shared several posts saying he was upset by Binance’s decision. Ledger’s CTO Charles Guillemet and Cosmos co-founder Ethan Buchman also supported privacy tokens. They believe privacy is important and should be protected. Why Binance Might Be Worried Amidst the backlash, Binance has not yet given a full reason for the vote. Privacy-focused cryptocurrencies like Zcash have long been under scrutiny by financial regulators. Governments are worried that criminals could use these assets because it is hard to trace who transacts with them. In 2022, a leaked document showed that the European Union was considering banning privacy coins. The U.S. also temporarily sanctioned the privacy protocol Tornado Cash, further fueling concerns over the role privacy coins play in financial markets. However, that ban was lifted in January. Zcash’s Market Outlook Zcash is trading at $31.26, down by 3.1% in the past 24 hours. Even though the price is down a bit, Zcash still has a strong community and a large market cap. The ongoing debate about Zcash shows a bigger problem in the crypto world. People are trying to find a balance between digital privacy and regulation . Some believe privacy is important for freedom, while others worry it can be used for illicit activities. Binance’s move has raised questions about how crypto platforms and governments will deal with this issue in the future. Meanwhile, the vote results could shape the future of privacy in the crypto industry. The post Binance Faces Backlash Over Zcash Delisting Vote appeared first on TheCoinrise.com .
