Coinbase UK drops Zcash

[gentlemand]

https://www.coindesk.com/coinbase-uk-dropping-support-for-cryptocurrency-zcash

Interesting that this is one country only.

I presume that Coinbase have lost their UK banking. They've removed faster payments for UK customers - https://blog.coinbase.com/temporary-change-to-gbp-bank-deposits-and-withdrawals-for-coinbase-uk-customers-d06b72630e07

This must either be a demand from their new bank, or they're desperately looking for another one and this is to kiss the botty of any bank nervous about getting involved in this area. I can well see this happening for other privacy coins in future, not that Zcash is fully that.

[BitHodler]

It was a very questionable move from Coinbase's side to list that coin. It doesn't matter that you as exchange do not allow people to utilize its privacy feature, because you still provide liquidity to a coin that inherently goes against the terms of banks.

This is why I also hope that Bitcoin won't see any native privacy enhancement features implemented. This is the start of a new move that Japan has started, and now we see the UK adapt to it too, and more countries will follow soon.

The more exotic garbage you have listed, the more likely it is that your banking partner will eventually tell you to look for a different bank to partner with. Banks don't gain much from providing services to a crypto exchange so there is not much to lose.

[countryfree]

We knew a fight was coming.

The total privacy of some coins versus the all-regulated, all under the mighty eyes of the taxman, white banking sector.

BTC has been between the two for a while, some day it will have to side with one or another. I favor the dark side.

[gentlemand]

It was a very questionable move from Coinbase's side to list that coin. It doesn't matter that you as exchange do not allow people to utilize its privacy feature, because you still provide liquidity to a coin that inherently goes against the terms of banks.

The weird thing about their implementation of Zcash was that outgoing txs had to have the privacy stripped of them, but deposits didn't. Or vice versa. Overall it was a strange move on their part. For now it's a UK specific problem but it does set a probable precedent of places like this acquiescing to the whims of banks. Banks have absolute power over any fiat exchange.

[LeGaulois]

The FCA is weird, it basically says that 'some forms of crypto-assets may fall under its regulatory remit'. But bitcoin and ETH don't. So what kind of crypto assets fall under its remit? Stablecoins? Let me laugh
Look like a privacy coin was a bad apple in the basket. Watch out for the card program to the UK, you never know

[1Referee]

Great step forward for those who value privacy. These coins shouldn't be listed on centralized bucketshop exchanges that don't value your privacy.

Technically speaking, the value of these coins doesn't really matter when it comes to their utility. Those who need their privacy go in and out pretty quickly. Not many (ignoring speculators) end up holding these coins for prolonged periods of time. I would say more global delistings of these coins, please.

[malevolent]

This is why I also hope that Bitcoin won't see any native privacy enhancement features implemented. This is the start of a new move that Japan has started, and now we see the UK adapt to it too, and more countries will follow soon.

That's a bit ironic, coming from someone with a signature of a Bitcoin mixer. Without more privacy features/functionalities bitcoins will entirely cease to be fungible, turning Bitcoin into Paypal 2.0.

Great step forward for those who value privacy. These coins shouldn't be listed on centralized bucketshop exchanges that don't value your privacy.

Technically speaking, the value of these coins doesn't really matter when it comes to their utility. Those who need their privacy go in and out pretty quickly. Not many (ignoring speculators) end up holding these coins for prolonged periods of time. I would say more global delistings of these coins, please.

I'm no fan of Coinbase, but if few users are using a privacy coin, those who seek privacy are more likely to be identifiable. Delisting on a major site like Coinbase will lower the coin's popularity.

[gentlemand]

https://www.coindesk.com/barclays-is-no-longer-banking-coinbase

Well, there's your confirmation. How very impressive I am.

It says they're now with summat named Clearbank who are indeed the drivers of them dropping Zcash. The problem with these 'challenger banks' is that they usually operate on the grace and favour of real banks. If their daddy don't want to play crypto I don't see how they'll be able to persuade them otherwise.

[figmentofmyass]

japanese-style exchange regulation, coming to a country near you!

This is why I also hope that Bitcoin won't see any native privacy enhancement features implemented. This is the start of a new move that Japan has started, and now we see the UK adapt to it too, and more countries will follow soon.

i doubt we'll ever see anything at the protocol level. but what do you think about schnorr signature aggregation? the fee dynamics mean that coinjoins should become much more common.

[countryfree]

https://www.coindesk.com/barclays-is-no-longer-banking-coinbase

Well, there's your confirmation. How very impressive I am.

It says they're now with summat named Clearbank who are indeed the drivers of them dropping Zcash. The problem with these 'challenger banks' is that they usually operate on the grace and favour of real banks. If their daddy don't want to play crypto I don't see how they'll be able to persuade them otherwise.

Not much of a surprise, actually. The surprise was at the beginning when Barclays partnered with Coinbase. The exchange needed the bank much more than the bank needed the exchange, so the deal is off. We'll see if brexit changes something, but trading BTC in the UK has always been much more difficult than in Europe.

[gentlemand]

Not much of a surprise, actually. The surprise was at the beginning when Barclays partnered with Coinbase. The exchange needed the bank much more than the bank needed the exchange, so the deal is off. We'll see if brexit changes something, but trading BTC in the UK has always been much more difficult than in Europe.

As the article points out Barclays started off with a wee burst of enthusiasm that's slowly dwindled to this. Let's see if Coinbase's new bank can cut it but I think it's going to be just as much of a beggar as Coinbase overall.

Elsewhere I've read that LHV Bank in Estonia, who Coinbase have worked with for years, are looking at full access to the UK market including faster payments but I don't see why a bunch of foreign nobodies would get it first.

[eaLiTy]

This must either be a demand from their new bank, or they're desperately looking for another one and this is to kiss the botty of any bank nervous about getting involved in this area. I can well see this happening for other privacy coins in future, not that Zcash is fully that.

It is the demand from their new banking partner and i expect this fate with almost all of the exchanges in the future as they will be forced to remove privacy based coins if they want to continue with them, with regulations coming up it is expected that the regulators will have a tough stance against privacy coins, in five years time i expect that we can trade these privacy coins only in underground exchanges.