When comes to the question of privacy in the world of altcoins, Zcash is on the top of the list. The Coinbase added Zcash in the month of July in 2018 and now decided to delist the token especially for customers from the UK. The Coinbase also launched a learning reward program for a new beginner that was a great initiative by platform but now this disturbing news about removing Zcash digital asset wondered everyone.
Pressure from UK Regulators
The Financial Conduct Authority (FCA) of United Kingdom released official order last month that some cryptocurrencies will be checked through its regulatory cell. This ban on Zcash is the consequence of that policy of FCA.
Coinbase has not yet confirmed the cause of this decision officially but it is said that the tax department is the reason behind this decision. It is supposed that users are not paying taxes and using cryptocurrency to manipulate the tax structure.
The UK Revenue and Customs agency has asked the exchange to give all the data and information of transactions of its users, which pressurized Coinbase to take this big decision of delisting cryptocurrency for UK customers.
Deadline of 26th August
The exchange has given the alert that they have only a few days up to 26th August so that users will convert their Zcash assets into other crypto assets or transfer their assets to an external wallet before this date. After this date, Zcash will automatically convert into British pounds (GBP).
— Alex (@deskofwilkes) August 8, 2019
The Electric Coin Company, a company behind the development of Zcash, has officially confirmed this news and asked to use Cex.io exchange for trading Zcash cryptocurrency.
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.
What do you think about the ban on UK users to trade Zcash on the Coinbase? Express your thoughts in the comment section.