Litecoin has been working on the MimbleWimble protocol for around two years. Korean cryptocurrency exchanges have delisted LTC and many other privacy tokens. The regulation prohibits transaction anonymity.ĭelisting Litecoin was a highly anticipated event because several exchanges issued their warnings at the beginning of the year. This rule requires that cryptocurrency exchanges implement strict Know Your Customer (KYC) and Anti-Money Laundering practices. The Specific Financial Information Act is one of these regulations. Upbit and some of the other leading exchanges had warned investors about the end of May, advising them of the regulatory risks linked to private transactions.Īs aforementioned, South Korea has some of the most strict cryptocurrency regulations globally. The delisting of the token by leading cryptocurrency exchanges was expected. A report by 8BTC said that five of the largest cryptocurrency exchanges in South Korea, namely Bithumb, Coinone, Gopax, Korbit, and Upbit, had delisted LTC. Upbit is not the only South Korean exchange that has delisted Litecoin following the MWEB upgrade.
LITECOIN MWEB NEWS UPGRADE
“We decided to terminate the transaction support for Litecoin (LTC), a sit was determined that the optional function that does not expose transaction information included in this network upgrade corresponds to an anonymous transmission technology under the Specific Financial Information Act,” the exchange said. Upbit said that the upgrade had prevented transaction exposure, which prevented the exchange from complying with the set rules by continuing to offer the token to users. The users on this exchange have been given one month to withdraw LTC from the platform. After conducting a thorough review of the upgrade and how it would affect the operations of the Litecoin network, Upbit decided to delist LTC. The Upbit exchange noted that it reached out to the Litecoin Foundation to understand the upgrade that would bestow privacy upon the transactions made on the network.
The MWEB upgrade was announced earlier this year, but it had been proposed nearly two years back. It also hid some key identifiers of transactions conducted through the network.
This upgrade transformed the Litecoin network into a private one. The delisting of Litecoin comes amid the much-awaited MWEB upgrade. Upbit referred to the Act on the Reporting and Use of Specific Financial Transaction Information that prevents anonymous transactions.
Upbit released a public statement on Wednesday saying that supporting Litecoin would affect the exchange's compliance status. The new Litecoin upgrade implemented transaction anonymity, which has challenged how these exchanges would comply by having anonymous Litecoin transactions. However, the jurisdiction also has some of the toughest crypto laws, and exchanges are required to promote transparency in crypto transactions. South Korea is one of the largest crypto hubs globally. The delisting comes in the light of a new privacy feature introduced to the network. Some of the largest cryptocurrency exchanges in South Korea have announced that they have delisted Litecoin (LTC).
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