Coinbase announced that the crypto trading platform’s UK-based customers will not be able to use Zcash from August 26. The users stated that they received letters from the company notifying them about the future changes.
The message advised users to convert Zcash coins to other cryptocurrencies or move them to another wallet. A certain reason was not given for the platform’s decision. Zcash will be converted to GBP by the time the platform stops supporting Zcash.
The Electric Coin Company, the creators of Zcash, wrote in a tweet that the issue concerns the users of Coinbase only from the United Kingdom and other crypto trading platform will not be influenced. Zcash complies with all the cryptocurrency regulations in the United Kingdom.
The Financial Conduct Authority recently published a statement that specified which crypto coins will fall under its power.
The tax collection authority in the United Kingdom requested access to transaction information from crypto trading platforms like Coinbase and eToro. Zcash transactions can be disclosed, however, there is an option to participate in hidden, private transactions on the Zcash network.
Coinbase announced listing Zcash in fall last year. The company stated that it will accept not only transparent but also shielded transactions on the exchange.