Crypto change Binance introduced it’s ending assist for Litecoin (LTC) transactions despatched by the most recent MimbleWimble (MWEB) improve.
Binance warned that any transaction despatched by the MWEB operate can be misplaced because the crypto change can’t confirm the sender’s tackle. The crypto change didn’t reply to Cointelegraph’s request for feedback on the time of publishing.
The announcement comes simply days after main South Korean crypto exchanges delisted LTC because of the newest improve, which makes transaction info confidential. The delisting got here simply weeks after 5 crypto exchanges issued warnings just like Binance. However, the delisting didn’t come as a shock, as South Korea is thought for its strict privateness legal guidelines, which prohibit nameless transactions on crypto exchanges.
The MWEB improve on LTC is without doubt one of the essential updates that went stay earlier this 12 months, practically two and half years after it was first proposed. The improve added a number of privateness options and made the LTC blockchain extra scalable.
Gate.io, one other common crypto buying and selling platform, additionally ended assist for MWEB Litecoin transactions, claiming nameless transactions aren’t supported on the platform.
Related: Crypto change Binance seeks essential licenses in Philippines, CEO says
The resolution to finish assist for the MWEB operate additionally comes at a time when the main crypto change has been marred in controversies. Binance was lately accused of facilitating $2.5 billion value of illicit transactions by Reuters.
Chagpeng Zhao (CZ), the CEO of Binance refuted all such allegations, pointing to the info launched by blockchain analytics agency Chainalysis.
The Reuters article yesterday is a big waste of time and assets. This is the final I’ll say on it, and the final our crew will work together with the author.
The creator continues to put on it as a badge of honor on Twitter when his fiction items get fact-checked after he publishes.
— CZ Binance (@cz_binance) June 7, 2022
The United States Securities and Exchange Commission additionally opened a safety violation investigation concerning Binance’s BNB ICO sale in 2017.
The privateness function that was seen as an necessary improve has turned out to be a bane for one of many oldest cryptocurrencies. The MWEB improve comes at a time when regulatory oversight is at its highest and privateness options have grow to be the first goal of regulators across the globe.