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Zcash Is to Be Delisted by Coinbase for UK Citizens, Exact Reasons Unknown

  • Yuri Molchan
    📰 News

    The UK branch of Coinbase recommends traders to convert Zcash into any other assets before August 26, hinting that Zcash support will be shut down in the UK


Zcash Is to Be Delisted by Coinbase for UK Citizens, Exact Reasons Unknown
Contents

The Zcash community has been worried by recent tweets hinting that Coinbase UK plans to delist the anonymous coin Zcash from its platform as of August 26.

No direct info comes from Coinbase UK either, except recommendations to convert Zcash balances into any other digital assets before August 26.

UK Zcash community in panic

Zcash holders who store their coins on Coinbase UK have started receiving notifications from the exchange saying that they should either convert their ZEC into any other crypto or simply remove those coins to outside storage space.

Coinbase UK stated that on August 26, all ZEC balances on its platform will be changed into GBP and their Zcash wallets eliminated.

In the comment thread, users have started a heated discussion as to the reasons for this unexpected move, trying to get the information from people who are knowledgeable on the subject. However, the latter cited a non-disclosure agreement and recommended contacting the platform directly.

Image by Twitter
Image by Twitter

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Zcash is perfectly legitimate as per the new crypto guidance issued by FCA

Some Twitter users assumed that perhaps Coinbase is delisting Zcash over the new regulations that were issued by the UK’s FCA agency recently.

However, the Electronic Coin Company (the rebranded Zcash Company) issued a tweet saying that ZEC remains totally compliant with the current UK crypto regulations and anti-money laundering policies.

The tweet also pointed out that investors can still easily trade Zcash on the CEX.IO exchange.

Coinbase UK has not commented on the situation in any way.

Cover image via www.123rf.com
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About the author

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.

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