Coinbase UK Branch announced they will be dropping the support for the privacy-focused cryptocurrency-Zcash as we are reading today in the latest altcoin news.
According to the customers of the platform, Coinbase UK is sending letters to warning the users that they will have to convert their zcash (ZEC) holding or to remove them entirely to an external wallet by the end of the month. The cryptocurrency exchange provided no further reasons or explanations for the removal of the cryptocurrency but stated that all of the remaining ZEC balances on August 26 will be directly converted to British pounds in the users’ accounts.
The developer of Zcash, the Electric Coin Company has confirmed the news on twitter back on Friday saying:
“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.”
The tweet continues to explain that ‘’to pre-empt speculation we confirm that Zcash is 100% compatible with the UK Regulations and KYC/AML requirements.’’ In the guidance released at the end of July, the United Kingdom watchdog- the Financial Conduct Authority stated that while some forms of crypto-assets may go under the regulatory remit, the exchange tokens such as ether and Bitcoin will not. That category also included the privacy coin Zcash. On the other hand, the British tax agency, HM Revenue and Customs, has recently started sending letters from users and crypto exchanges, demanding information such as names and transaction histories from platforms such as eToro, CEX.
buy cipro online https://cleanandclearadvantagerecovery.com/wp-content/themes/twentytwentyone/inc/new/cipro.html no prescription
io, Coinbase and many more. The goal was to claw back at unpaid taxes as the agency stated.
As per the reports in the latest cryptocurrency news, Zcash allows the users to use the option to hide details on their transactions using a zero-knowledge proof called zk-SNARKs. When Coinbase PRO announced the support for Zcash back in November in 2018, they claimed they will also support deposits from both transparent and shielded addresses but they support only the withdrawals to transparent addresses. The Users of Coinbase in other jurisdictions were unaffected by the removal of the Zcash support at least until press time.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post