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.

The delisting comes within the mild of the much-awaited MWEB improve that made LTC transactions personal, hiding a few of the key identifiers. The improve was launched earlier this yr, almost two years after its first proposal.

The crypto change reached out to the Litecoin Basis to know the privacy-focused improve, and after an intensive overview, the change determined to finish assist for LTC transactions. Trade customers have 30 days to withdraw their LTC funds. Upbit in its official report stated:

“We determined to terminate the transaction assist for Litecoin (LTC), because it was decided that the optionally available perform that doesn’t expose transaction info included on this community improve corresponds to an nameless transmission expertise beneath the Particular Monetary Data Act.”

In keeping 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 buyers within the final week of Could, advising them concerning the regulatory dangers related to confidential transactions.

Associated: South Korea ramps up crypto investigations and rules

South Korea has a few of the most stringent crypto rules worldwide, and the Particular Monetary Data Act is one among them. Underneath stated 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 yr. Korean exchanges have delisted a number of different privateness cash previously as properly.