On 28 October CoinShares began trading an exchange-traded product (ETP) on Euronext Paris under the ticker ZCSH, fully backed by physical ZEC, priced in euros and with an annual fee of 1.5%. Euronext suspended trading from 09:00, citing operational settlement requirements at the central securities depository rather than any regulatory issue or problem with Zcash itself. According to CoinShares and Euronext notices, trading resumed at midday the same day.

What it means: The episode is minor, but it shows the technical difficulties when a crypto-based product enters traditional infrastructure. Zcash is a privacy-focused coin that allows shielded transactions, which creates additional requirements for custodians and depositories, who must confirm that the underlying coins exist and are held properly. In the EU, the anti-money laundering regulation will from 2027 bar crypto service providers from handling accounts in anonymous crypto assets, which makes the regulatory setting for such products more sensitive. The quick resumption of trading shows the issue was procedural, but investors and intermediaries saw how easily access to a new product can be interrupted. For Greek retail investors who hold crypto ETPs through European exchanges, the case is a reminder that an ETP is not the same as owning the coin: it depends on the issuer, the custodian and market rules. The 1.5% annual fee is also considerably higher than comparable bitcoin products.

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