Coinbase’s Decision to Drop Zcash Support
In a surprising turn of events, cryptocurrency exchange Coinbase has announced that as of August 26, 2019, it will cease support for Zcash (ZEC) for its customers based in the United Kingdom. While the rest of the world remains unaffected, this news has sparked a wave of discussions, questions, and perhaps a bit of confusion.
How to Handle Your Zcash
For those U.K. clients holding onto their beloved Zcash, Coinbase has laid out a plan. Users are encouraged to take one of the following steps:
- Convert: Exchange your Zcash for any other available cryptocurrency on the platform.
- Transfer: Send your ZEC to a personal wallet or another exchange.
But beware! If you fail to act before the August 26 deadline, any lingering Zcash will be liquidated into British Pounds sterling (GBP). Think of it as a one-way ticket to currency town, but without the fun ride home!
Clarification from Zcash Developers
In the midst of all this chatter, the Electric Coin Company, developers of Zcash, took to Twitter to reaffirm that Zcash is still compatible with all U.K. regulations and KYC/AML requirements. Their statement reassured users that it’s only Coinbase facing this hiccup.
Why Is This Happening?
The decision to delist Zcash stirred up a plethora of theories among the crypto community. Bitcoin entrepreneur Alistair Milne chimed in, suggesting that this move might be tied to Coinbase’s ambition to gain access to the U.K.’s faster payments system. In his view, this is less about regulation and more of a banking prerequisite.
Zcash and its Future
With Coinbase’s decision, many wonder about the future of Zcash. It’s noteworthy that the cryptocurrency recently forked to establish a new blockchain called Ycash, which adds another layer to its evolving narrative. It’s a wild world in crypto, folks. Buckle up!
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