Coinbase has announced to remove Zcash from its platform for UK users. Users received an email from Coinbase saying that customers won’t be able to hold Zcash from 26th August onwards. People who currently have Zcash balance on coinbase have the option to send it to other exchange or change it to other cryptocurrencies. If Zcash holders do not choose either option, their balance would automatically be changed to GBP.
However, email from coinbase did not mention why they are taking such a step. It was earlier reported that UK authorities have been pushing crypto exchanges to give information about names and transaction histories of their users. Only 17 days notice by Coinabase has caught many people from the industry by surprise.
Zcash was added on Coinbase platform in July of last year. Over the past few weeks reports have been circulating that claims crypto exchanges companies have received letters from the UK authorities asking them to reveal names and transaction histories to trace tax frauds. Crypto community is speculating that this could have been one of the reason for Coinbase to take such a step. Removing of Zcash has also come as a surprise because earlier this year Coinbase announced Zcash as part of Coinbase Earn Program. The company has not released any official statement yet over why they have decided to take such a step with such a short notice period.
