Major South Korean crypto exchanges delist Litecoin

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 Data, which prohibits nameless transactions as the important thing cause for ending assist for LTC.

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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, almost two years after its first proposal.

The crypto trade reached out to the Litecoin Basis to grasp the privacy-focused improve, and after an intensive overview, the trade determined to finish assist for LTC transactions. Alternate 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 perform that doesn’t expose transaction data included on this community improve corresponds to an nameless transmission know-how underneath the Particular Monetary Data Act.”

In line with a report from the 8BTC, 5 main crypto exchanges — specifically, Upbit, Bithumb, Coinone, Korbit and Gopax — have now delisted LTC from their platform.

Upbit and different main crypto exchanges have issued a warning for investors within the final week of Might, advising them in regards to the regulatory dangers related to confidential transactions.

Associated: South Korea ramps up crypto investigations and regulations

South Korea has a number of the most stringent crypto rules worldwide, and the Particular Monetary Data Act is considered one of them. Below the mentioned rule, crypto exchanges are required to implement strict Know Your Buyer and Anti-Cash Laundering insurance policies, and anonymous transactions are prohibited.

The delisting of LTC was extremely anticipated particularly after a warning by exchanges earlier this 12 months. Korean exchanges have delisted several other privacy coins previously as properly.