One of the biggest cryptocurrency exchanges and custody providers, Coinbase, has started notifying its UK customers they will be delisting the privacy-oriented coin Zcash from its crypto exchange CoinbasePro, Cointelegraph reports on August 12th.
The exchange has presented its users with two options on how to proceed - they can either exchange their Zcash holdings for another cryptocurrency or they can withdraw it to a Zcash wallet of their choice. Failing to do one of the above by the deadline set for August 26th, any leftover Zcash will be automatically converted into GBP.
Commenting on the issue, Electric Coin Company, Zcash's developers stated: “To pre-empt speculation, we confirm that Zcash is 100% compatible with UK regulations & KYC/AML requirements."
While its fiat gateway status still protects a large portion of Coinbase's volume, with more exchanges bringing in fiat ramps of their own, Coinbase started looking into expanding its offer of alt coins. The privacy coin Zcash was one of the first to be listed in the expansion so it remains unclear why Coinbase has devided to delist them now. With management claiming the coin is compatible with KYC/AML regulation in the UK, it could be due to poor performance, but we've yet to hear from Coinbase on the issue.