Coinbase UK will be dropping support for the privacy-focused cryptocurrency Zcash (ZEC) later this month, industry website Coindesk has reported.
According to the online publication, the UK arm of the largest American exchange has been sending letters out, warning its customers that they will need to convert their Zcash holdings or move them to external wallets by August 26. The website cited a Twitter user who posted the content of the e-mail on the microblogging platform.
“If you don’t convert or send your Zcash by 26th August, we’ll automatically liquidate your ZEC balance into your GBP wallet, bringing your ZEC balance to £0.00 before removing your ZEC wallet from your Coinbase account,” the e-mail apparently reads.
The developer of the Zcash token, the Electric Coin Company, confirmed the news on Friday, but added that the problem was limited to Coinbase UK.
“No other exchanges in the UK affected,” the company wrote in a tweet on Friday. It also said that Zcash was “100% compatible with UK regulations & KYC/AML requirements”.
The Zcash price decreased by nearly 6% of Friday to drop below the $60 mark for the first time in nearly three months. The token fell to as low as $55.88 during the Saturday session, but it managed to recover most of those losses on Sunday.
The coin suffered another significant drop yesterday, which appeared to be part of a larger crypto downswing. Having opened at $59.90, ZEC finished the Monday session at $56.78. The coin has continued to struggle in today’s session.
As of 11:09, the Zcash price stood at $56.24, down 2.7% from the same time yesterday. According to data from digital currency tracker Coinmarketcap, the digital coin’s total value barely exceeds $400 million at current price levels.
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