Leading Bitcoin and cryptocurrency exchange Coinbase has announced that it will remove Zcash (ZEC) support to its UK customers on August 26, 2019. This sudden delisting decision came when the British tax authority HM Revenue & Customs announced so it requested customer and transaction data within the cryptocurrency exchange. Within the e-mail sent to Coinbase on Friday by UK users, Zcash was could not hold and then sell Zcash on the wall street game from 26 August.
The announcement was first announced on August 9 by UK-based stock market users;?The stock exchange announced to users they could withdraw ZEC balances from Coinbase or convert the crooks to another cryptocurrency that supports ZEC prior to the deadline.?Based on user e-mails, on August 26, all remaining balances at the platform will be converted to GBP.
Coinbase’in sudden announcement without disclosure, allowing users to mask their addresses on Twitter from the discretion of confidentiality-based crypto money?isn’t really compatible with?British??KYC?/ AML regulations are expressed in direction of concern.?On August 6, HM Revenue & Customs?sent a notice to Coinbase,?eToro, and CEX.IO,?which are operating in the UK,?and testified that they requested customer data from three companies for tax collection purposes.?From the Twitter posts, the Zcash community is definitely joining the dots.
However, Electric Coin Company, the firm behind Zcash, has suggested that Zcash is 100% compliant with UK regulations with its customer identification (KYC), anti-money laundering (AML) requirements.?The business also stressed that users in great britain can buy and then sell on ZEC through the cryptocurrency exchange CEX.IO, adding that we now have no other affected stock markets outside Coinbase.?The Electric Coin Company claimed it cannot to create more the reason behind the difference of crypto money.