- The U.K. arm of Coinbase appears to be removing their support for the privacy-focused cryptocurrency Zcash.
- Zcash support is only removed for UK customers only and does not appear to affect other countries.
Customers of the exchange, Coinbase UK have been receiving letters warning people that they will need to convert their zcash (ZEC) holdings, or remove them to an external wallet, by Aug. 26.
The cryptocurrency exchange gave no specific reason for the removal of the cryptocurrency, but said all remaining ZEC balances on Aug. 26 will be automatically converted to British pounds in users accounts.
The Electric Coin Company, the developer of Zcash, appeared to confirm the news, saying in a tweet on Friday:
Those affected by Coinbase UK issues: this is limited to Coinbase UK only. UK residents can still buy/sell Zcash through CEO.io. No other exchanges in the UK affected.
It further said:
To pre-empt speculation, we confirm that Zcash is 100 percent compatible with UK regulations & KYC/AML requirements.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.