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Insider Reveals Why Coinbase UK Abruptly Delisted Zcash: Report



New details on why Coinbase UK suddenly delisted the privacy-centered cryptocurrency Zcash are emerging.

Rumors that Coinbase UK is delisting Zcash first surfaced a week ago. The Electric Coin Company, which is the firm behind Zcash, then released a statement confirming the coin’s delisting while also stating that the crypto asset is fully compliant with regulators in the UK. According to the company, no other exchanges listing Zcash will be affected.

“[To] those affected by Coinbase UK issues: This is limited to Coinbase UK only. UK residents can still buy/sell Zcash through CEX.IO. No other exchanges in the UK are affected. To pre-empt speculation, we confirm that Zcash is 100% compatible with UK regulations & KYC/AML requirements.”

Now, a “person familiar with the decision” tells CoinDesk it’s directly connected to the crypto exchange’s recent change of banks from Barclays to ClearBank. According to the source, Clearbank was “uncomfortable indirectly supporting a currency with features that make law enforcement’s job harder.”

Barclays first started providing banking services for Barclays last March when the San Francisco-based exchange began expanding its operations in Europe.

The exchange is fully regulated in the UK, and earned an e-money license from the country’s Financial Conduct Authority in May of 2018.

Zcash investors on Coinbase UK have until August 26th to withdraw their holdings or convert it to another crypto asset. If they don’t meet the deadline, users will have their Zcash automatically converted to British pounds.

Coinbase Pro first began supporting Zcash in November of 2018. At the time, the company addressed how it would handle the coin’s anonymous transfer features.

“Initially, we will support deposits from both transparent and shielded addresses, but only support withdrawals to transparent addresses. In the future, we’ll explore support for withdrawals to shielded addresses in locations where it complies with local laws.”

Last May, New York-based Gemini, a fully regulated cryptocurrency exchange, became the first licensed trading platform to support Zcash.

Source : dailyhodl


Zcash is completely compliant with FATF’s Travel Rule, claims ECC’s Jack Gavigan



Recently, popular South Korean exchange OKEx was in the news after it delisted all its privacy coins, including Monero [XMR], Zcash [ZEC], and DASH [DASH], along with several others. UpBit followed suit, delisting several privacy coins as well. Both exchanges went on to claim that the regulatory obligations arising from the Financial Action Task Force [FATF], primarily the FATF’s travel rule, was the reason behind the delisting.

FATF is an intergovernmental body that aims to prevent money laundering, terrorism financing and financing of weapons through its policies. In February 2019, the FATF had presented a draft citing Recommendation 16 or the “Travel rule.” As per the travel rule, cryptocurrency exchanges are required to keep all transaction information, with respect to the buyer and the seller. Privacy coins are designed to provide anonymity to users, an aspect contradictory to the FATF’s travel rule.

Just a few days after the aforementioned delisting episodes however, Zcash has now come out to claim that it is compliant with the FATF’s recommendations. Jack Gavigan, COO of Zcash, wrote a blog post claiming the same.

The blog post expanded on several aspects that highlighted the fact that the privacy coin Zcash and virtual asset service providers [VASPs] are indeed compatible with FATF recommendations. The FATF makes it mandatory for VASPs to undertake Customer Due Diligence [CDD] measures, while building business alliances. The post read,

“The fact that a VASP supports Zcash or that a customer intends to trade Zcash does not impact the VASP’s ability to carry out CDD checks.”

Regardless of Zcash being a privacy coin, VASP will still be able to observe a customer’s transactions, Jack Gavigan claimed. This allows virtual service providers to keep an eye on suspicious activities or unexpected behavior. Along with monitoring transactions, VASPs can also keep a record of the same. Transactional information for deposits and withdrawals like customer identity, amount, receiving address, transaction ID and the sending address can all be recorded, the blogpost added in an effort to alleviate concerns.


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Zcash Price Gets Drenched in Blood Due to the Market Pressure



The market is currently under huge selling pressure. The same has caused the heavy fall in the price of the altcoins. Zcash is among the few coins, which are getting widely affected by the downtrend in the market.

We are speculating that the selling pressure would soon leave and we would have the flourishing days again. The intraday traders might not be having a good day, but in the future, they would book huge profits. The coin holds a high possibility of upsurge.

Zcash Intraday Price Analysis:

The data feed is taken from Trading View on September 19, 2019, at 10:50:16 UTC for price analysis.

Zcash Price
Zcash Chart By TradingView

Yesterday, the coin opened with an escalation. The visible jump occurred when price changed from $51 to $52 by 2.63%. The price immediately shifted to $50.30 by 3.1%. The recovery in the price took it to $53.50 by 6.37%. The intraday escalation in Zcash was of 3.90% as it closed the day at $52.87. Today, the opening hours shifted the price from $52.87 to $48.55 by 8.21%. ZEC is seen hovering around $49. The rest of the day is speculated to remain same.

The market is speculated to embark the price rally soon. Zcash (ZEC) would also be seen hitting huge counters in the market. The future holds a better time for Zcash. Hence, if the traders are picking Zcash, then their investment wouldn’t go futile.

The best-suited investment for ZEC is long term investment. The same would bring colossal profit to the traders.


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Zcash Foundation, ECC resume trademark negotiation deal amid fears of fallout



Zcash Foundation, the non-profit organization behind the privacy-focused cryptocurrency, has been at the center of an ongoing controversy pertaining to the use of the “Zcash” trademark. As per the initial plan, both Electric Coin Company (ECC) and Zcash Foundation would have equal control over the use of the trademark. However, ECC soon decided that the equal governance control would lead to complicated veto power and terms of use, thus backing away from initial plans of sharing the trademark.

Although ECC has held complete authority over the trademark since the beginning, ECC was planning to hand over partial ownership for the use of the trademark. However,  Zooko Wilcox, Head of the ECC, has said that sharing veto power over the use of the trademark would have made it quite complicated for users to follow Zcash terms. In a statement released last week on the Zcash public forum, Wilcox wrote,

“The bottom line is that the previous plan to lock the trademark into a 2-of-2, double-veto governance structure with the [Zcash Foundation] has not (at least not yet) been implemented, and the trademark currently remains under the unilateral control of [the] ECC.”

Zcash Foundation published a blog on 2 September, a blogpost that informed the community about the failed negotiation with the ECC, while also halting its own efforts in sorting out the impending funding crisis on the network. The blog post by Josh Cincinnati, who also heads the Zcash foundation, wrote,

We are delaying our community sentiment collection and any decision-making regarding NU4 until the ECC recommits to the 2-of-2 agreement that was already agreed upon.”

ECC and ZCash Foundation resumes private discussions

After failed negotiations and after the Zcash Foundation threatened to halt any further progress on the network, things have started to change for the better. Wilcox released a statement on 5 September stating that they have initiated private discussions to resume discussions on the issue. The statement assured the community that both parties can reach a mutual agreement, an agreement which would be beneficial for a “diverse set of Zcash stakeholders and community members.”

Wilcox, while addressing the recent disagreement and the blog released by Zcash foundation had said,

“Public disagreements are rarely fun, they are often unavoidable and necessary aspect of good governance.”


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