Binance ends support for anonymous Litecoin transactions

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Crypto trade Binance announced it’s ending assist for Litecoin (LTC) transactions despatched by means of the latest MimbleWimble (MWEB) upgrade.

Binance warned that any transaction despatched by means of the MWEB operate could be misplaced for the reason that crypto trade can’t confirm the sender’s handle. The crypto trade didn’t reply to Cointelegraph’s request for feedback on the time of publishing.

The announcement comes simply days after major 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. Nonetheless, the delisting didn’t come as a shock, as South Korea is understood 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 dwell 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., one other common crypto buying and selling platform, additionally ended assist for MWEB Litecoin transactions, claiming nameless transactions usually are not supported on the platform.

Associated: Crypto exchange Binance seeks critical licenses in Philippines, CEO says

The choice to finish assist for the MWEB operate additionally comes at a time when the main crypto trade has been marred in controversies. Binance was not too long ago accused of facilitating $2.5 billion worth 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.

America Securities and Trade Fee additionally opened a security violation investigation concerning Binance’s BNB ICO sale in 2017.

The privateness function that was seen as an essential 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 change into the first goal of regulators across the globe.