Coinbase has reportedly decided to delist the Zcash cryptocurrency for UK users from August 26.
Last week, a Twitter user posted a screenshot of a message from Coinbase which stated that from August 26, Zcash would no longer be available for users in the UK.
It reads: “From Monday 26 August 2019, Coinbase customers in the UK will no longer be able to hold a Zcash balance with us.”
Coinbase has suggested that users either convert their Zcash to another cryptocurrency supported by Coinbase or send their Zcash funds to a hardware wallet or different exchange.
Alternatively, if users do not convert their Zcash by August 26, Coinbase will automatically liquidate their ZEC balance into their GBP wallet.
This will bring their ZEC balance to zero before the exchange ultimately removes wallet support for the cryptocurrency.
Since the news leaked, the Electric Coin Company – the team behind the Zcash cryptocurrency – has tweeted out a response to people who have been asking why it is being delisted from Coinbase.
The Electric Coin Company tweeted: “Those affected by Coinbase UK issues: this is limited to Coinbase UK only. UK residents can still buy/sell through cex.io. No other exchanges in the UK affected.
“To pre-empt speculation, we confirm Zcash is 100% compatible with UK regulations and KYC (Know-Your-Customer) and AML (Anti-Money Laundering) requirements.”
Those affected by @coinbase UK issues: this is limited to Coinbase UK only. UK residents can still buy/sell Zcash through @cex_io. No other exchanges in the UK affected. To pre-empt speculation, we confirm that Zcash is 100% compatible with UK regulations & KYC/AML requirements.
— Electric Coin Company (@ElectricCoinCo) August 9, 2019
It is not yet known why Coinbase has decided to remove the cryptocurrency – which was added back in December 2018 – for its UK customers.
Interested in reading more Coinbase-related news? Discover more about how Grayscale’s $2.7 billion in cryptocurrency assets is to be held by Coinbase Custody.