Major cryptocurrency exchanges in South Korea have delisted Litecoin (LTC) weeks after flagging its privacy-focused MimbleWimble (MWEB) improve.
In a public announcement on Wednesday, Upbit cited the Act on the Reporting and Use of Specific Financial Transaction Information, which prohibits nameless transactions as the important thing purpose for ending assist for LTC.
The delisting comes within the mild of the much-awaited MWEB improve that made LTC transactions non-public, hiding a number of the key identifiers. The improve was launched earlier this yr, practically two years after its first proposal.
The crypto trade reached out to the Litecoin Foundation to know the privacy-focused improve, and after an intensive evaluation, the trade determined to finish assist for LTC transactions. Exchange customers have 30 days to withdraw their LTC funds. Upbit in its official report stated:
“We determined to terminate the transaction assist for Litecoin (LTC), because it was decided that the optionally available perform that doesn’t expose transaction info included on this community improve corresponds to an nameless transmission expertise underneath the Specific Financial Information Act.”
According to a report from the 8BTC, 5 main crypto exchanges — specifically, Upbit, Bithumb, Coinone, Korbit and Gopax — have now delisted LTC from their platform.
Five main South Korean #crypto exchanges – Upbit, Bithumb, Coinone, Korbit and Gopax introduced to delist #Litecoin (LTC)https://t.co/p1SdMr1Gu5
— 8BTCnews (@btcinchina) June 8, 2022
Upbit and different main crypto exchanges have issued a warning for buyers within the final week of May, advising them concerning the regulatory dangers related to confidential transactions.
Related: South Korea ramps up crypto investigations and laws
South Korea has a number of the most stringent crypto laws worldwide, and the Specific Financial Information Act is certainly one of them. Under the stated rule, crypto exchanges are required to implement strict Know Your Customer and Anti-Money Laundering insurance policies, and nameless transactions are prohibited.
The delisting of LTC was extremely anticipated particularly after a warning by exchanges earlier this yr. Korean exchanges have delisted a number of different privateness cash previously as properly.
