Major U.S-based cryptocurrency trading platform Coinbase has reported it will stop offering Zcash to its UK users, the exchanged announced last Friday through an e-mail.
According to the e-mail, UK residents "will no longer be able to keep their account balance in Zcash."
As a result of this decision, the British users of the exchange will be forced to convert their funds into other cryptocurrencies or transfer them to a hardware wallet or another platform that supports the privacy-based token.
As of 26 August, all Zcash tokens stored in accounts owned by British residents will be automatically converted into pounds sterling.
Electric Coin Company, the developer of the crypto, has informed its UK users that they can still buy and sell the cryptocurrency on CEX.IO and that Coinbase is the only platform that has decided to removed support for Zcash.
The U.S. exchange's decision to drop support for the token comes after Her Majesty's Revenue and Customs (HMRC) sent a letter to crypto exchanges informing them that they must report all transactions of their users.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.