It has yet to be disclosed as to why, but the UK arm of Coinbase is dropping support for Zcash (ZEC) cryptocurrency.
The move has, understandably, rattled Zcash investors.
Coinbase Drops Support for Zcash
According to customers of Coinbase UK, the exchange is sending out letters telling traders to convert their ZEC holdings by August 26. Alternatively, traders are encouraged to export their coins to an external wallet. If they fail to do so, their ZEC balance will automatically convert to British pound sterling in their user accounts.
As stated, the crypto platform gave no reason for dropping the coin, but as a privacy-focused cryptocurrency, Zcash could be a preferable choice for criminals. This is simply one of many theories already posed by head-scratching traders.
The coin’s developer, The Electric Coin Company, confirmed the news on Friday. It said the following in a tweet: