This week Binance, the largest of crypto exchanges, is having a vote. View Votes to determine approval or denial of coming regulatory action on specific tokens including Zcash (ZEC). The fact that Zcash was included on that ballot speaks volumes about what the industry really cares about. Yet, it speaks to a subtle but pervasive colonial mentality that is at work. The price of ZEC has been declining, down 3.1% over the last 24 hours. Big whoop. We’re discussing here something much larger than daily market timing.

Whose Financial Freedom Really Matters?

Let's be blunt. As a privacy coin, Zcash provides a measure of financial privacy that is even more precious in our hyper-surveilled world. These days, the knee-jerk reaction is to just associate privacy with illegal things—drug transactions, money laundering, you know the drill. But who does financial privacy really benefit?

This democratizes activists’ experiences and empowers those living under authoritarian regimes. They can more easily coordinate and plan dissent without the risk of being surveilled or suppressed. It helps the journalist investigating government corruption, because they may need to shield the individuals who come forward with the information. And crucially, it benefits ordinary people in countries with unstable currencies or corrupt banking systems, seeking a safe haven for their hard-earned savings. Places like… well, much of Africa.

That’s the link that Binance and others still don’t seem to understand. Or worse, ignoring.

The European Union proposed a similar ban on privacy tokens and the U.S. sanctioned Tornado Cash (only to, bless their hearts, reverse course). This isn’t even about fighting crime, it’s about control. The governments of the West depend on a powerful institutional framework and solid rule of law. Or, they apply their risk-averse worldview to areas where financial privacy is not a convenience, but a necessity.

Regulatory Pressure Binance has continued to cite “regulatory pressure” as a major consideration in its decision making. Okay, fair enough. But regulatory pressure from whom? Predominantly, Western governments and regulatory bodies. And what are their priorities? Keeping them in their laws enforcement compliance and keeping them on their financial investment.

Regulatory Pressure, or Colonial Power?

Now, don’t get me wrong—this isn’t to say regulation is evil. When regulatory pressure disproportionately weighs down at-risk populations in developing countries, it undermines their economic liberty. At this point the scenario turns into something that starts looking like neocolonialism. It’s the economic distortion of politically forced standards of “American exceptionalism” to economies with unrecognizably divergent demands and priorities.

Are we really ready to trade the economic independence of so many? All to buy favor with regulators who game the system to protect the interests of a small handful of developed countries?

Barry Silbert, Charles Guillemet, and Ethan Buchman were absolutely correct to condemn Binance. This isn’t really about Zcash though, it’s about the future of crypto in general.

  • Zcash Market Cap: $500 million.
  • Countries that could benefit from Zcash's privacy features: Countless.

The story we hear about crypto, or perhaps the story we want to hear, is one of Western innovation and investment. We discuss Silicon Valley startups and institutional adoption, but we seldom elevate the perspectives of African users. Cryptocurrency adoption has skyrocketed in Africa. This increase is driven by rampant inflation, a lack of access to brick-and-mortar banks, and the need for quick, cheap cross-border remittances.

These users are not merely passive consumers of Western technology. They are change makers and job creators. These trendsetters move by means of crypto to construct a more inclusive and equitable monetary system. Their needs and perspectives are rarely centered in the industry’s decision-making processes.

Africa's Forgotten Voice In Crypto

Delisting Zcash sends a clear message: your financial freedom doesn't matter as much as our regulatory compliance.

Even more, it’s a slap in the face to the Pan-Africanist vision of such economic independence and self-determination. It reinforces the idea that Africa is merely a recipient of Western aid and technology, rather than an equal partner in the global economy.

It’s time to center the views and experiences of African crypto users. We shouldn’t just wait and hope that policymakers or regulators realize, one-by-one, that privacy coins are not necessarily extremely elusive. And we need to demand that exchanges like Binance prioritize the financial freedom of all users, not just those in the West.

This isn't just about Zcash. Let’s work together to build a decentralized, inclusive financial system. This is the kind of system that empowers people and communities, regardless of their starting point or racial identity. It's time to decolonize crypto.

So, what can we do?

We need to amplify the voices of African crypto users. We need to challenge the prevailing narrative that privacy coins are inherently illicit. And we need to demand that exchanges like Binance prioritize the financial freedom of all users, not just those in the West.

This isn't just about Zcash. It's about building a truly decentralized and inclusive financial system, one that empowers individuals and communities, regardless of their location or background. It's time to decolonize crypto.