Zcash is trading again on OKX after almost two years off the exchange.
ZEC price fell 1.5% in the last 24 hours despite its rejoining OKX.
The OKX cryptocurrency exchange reported on November 24 that it has re-enabled zcash (ZEC) spot trading. A reset that applies to the ZEC/USDT pair and marks a change from previous platform decisions.
OKX scheduled the opening of operations for 20:00 under UTC+8 time zone. This time is equivalent to 9:00 in Argentina, Chile and Uruguay; 8:00 in Venezuela; 7:00 in Colombia, Peru and Mexico (CDMX); 10:00 in Brazil; and 2:00 p.m. in Spain.
This restart of trading on the exchange occurs while ZEC price falls almost 1.5% in the last 24 hours, currently trading in the $560 area. This suggests that, for the moment, the market does not interpret OKX’s decision as an immediate boost to the value of the asset.
ZEC returns to OKX after 2 years
As reported by CriptoNoticias, the exchange had withdrawn from its offer, among others, three privacy-oriented cryptocurrencies (monero, zcash and dash). Happened at the end of December of 2023.
That decision, although justified with the argument that these trading pairs “do not meet our inclusion criteria”, the company did not detail what exactly the reasons were.
What they did make clear, on that occasion, is that decisions to eliminate or suspend assets “can arise due to various circumstances, including factors beyond OKX»
In practice, this phrase is the diplomatic way exchanges use to refer to external regulatory pressures, regulatory compliance demands (such as traceability rules), and the need to avoid legal risks or sanctions.
Many of these regulations require precisely identifying those who operate on the exchanges and tracing the origin of funds. These types of requirements especially stress cryptocurrencies designed to offer higher levels of confidentiality in transactions. This is exactly the case of zcash, monero and dash.
In practice, this places these assets before regulations that can limit your presence on centralized platforms.
Although OKX also did not specify why ZEC is now returning to spot trading on its platform, the recent growth in interest from investors, which has boosted its price in recent weeks, may have been a factor which plays in favor of the cryptocurrency.