Main 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 Particular Monetary Transaction Info, which prohibits nameless transactions as the important thing purpose for ending assist for LTC.
The delisting comes within the gentle 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 12 months, practically two years after its first proposal.
The crypto alternate reached out to the Litecoin Basis to know the privacy-focused improve, and after a radical evaluate, the alternate determined to finish assist for LTC transactions. Change customers have 30 days to withdraw their LTC funds. Upbit in its official report mentioned:
“We determined to terminate the transaction assist for Litecoin (LTC), because it was decided that the optionally available operate that doesn’t expose transaction info included on this community improve corresponds to an nameless transmission expertise underneath the Particular Monetary Info Act.”
Based on a report from the 8BTC, 5 main crypto exchanges particularly Upbit, Bithumb, Coinone, Korbit and Gopax have now delisted LTC from their platform.
5 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 Might, advising them concerning the regulatory dangers related to confidential transactions.
Associated: South Korea ramps up crypto investigations and laws
South Korea has a number of the most stringent crypto laws worldwide, and the Particular Monetary Info Act is one among them. Beneath mentioned rule, crypto exchanges are required to implement strict know your buyer 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 12 months. Korean exchanges have delisted a number of different privateness cash up to now as nicely.
