Coinbase UK has decided to remove support for the privacy-based cryptocurrency Zcash (ZEC).
- 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.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
