South Korean Exchanges delist Litecoin


South Korean Exchanges Delist Litecoin

Major South Korean exchanges in South Korea have delisted Litecoin after the release of their new privacy-focused MimbleWimble update.

By Shashank Bhardwaj

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yesSouth Korean exchanges have flagged Litecoin’s recent privacy-focused update, the MimbleWimble (MWEB) update, and removed Litecoin citing non-compliance with the Specific Financial Information Act.

Upbit stated that the prohibition of anonymous transactions under the Law on the Reporting and Use of Specific Information of Financial Transactions was the key reason for ending support for Litecoin. The coin was delisted after the early MWEB update, which made LTC transactions private and hid many of its key identifiers. The update was released earlier this year, about two years after the first proposal.

To understand the new update and its key features, the exchange platform contacted the Litecoin Foundation. After a thorough review, the exchange has decided to end support for LTC. Upbit has given its users 30 days to withdraw their LTC funds.

“We decided to end transaction support for Litecoin as the optional feature that does not expose transaction information included in this network update was determined to be an anonymous transmission technology under the Specific Financial Information Act,” Upbit stated in a statement. your official report. .

Five major South Korean crypto exchanges, including Upbit, Coinone, Gopax, Korbit, and Bithumb, have removed Litecoin (LTC) from their platforms, 8BTC reports.

Upbit, along with other major exchanges, issued a warning to investors on its platform in May last week, informing them of the regulatory risks related to confidential transactions.

South Korea follows one of the strictest crypto regulations in the world. The Specific Financial Law is one of them. This Act enforces strict KYC (Know Your Customer) and anti-money laundering policies, along with a ban on anonymous transactions by cryptocurrency exchanges.

Korean exchanges have removed many other privacy coins in the past, and the removal of LTC was imminent, especially after the exchanges warned earlier this year.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash