Kraken Forces Liquidation of Remaining UAE Balances in Seven Assets
Kraken is finishing a force-liquidation of remaining balances in seven assets held by UAE-resident customers on September 25, including Zcash (ZEC).
The affected assets are XMR, DASH, USDD, DAI, USDS, USDE, and ZEC. Trading stopped for these assets in the UAE on June 16, withdrawals were halted on September 14, and any remaining balances will be liquidated by Kraken between September 15 and 25.
The level that matters for price is $1,488, where Invezz counts roughly $44m of long liquidation leverage stacked directly beneath spot. Zcash has been up 77.2 percent in the past month and 2,661 percent over the past year.
Grayscale's spot Zcash ETF (ZCSH) held 596,268.94 ZEC as of September 18, a 28.4 percent increase since its August launch. Paradigm co-founder Matt Huang disclosed in mid-September that the firm had bought ZEC, describing it as a private complement to Bitcoin.