Upbit and four other South Korean crypto exchanges have announced the delisting of Litecoin (LTC) due to a new MimbleWimble (MWEB) network feature that does not disclose transaction information.
As the main reason for the delisting, the Upbit exchange referred to the local Financial Transaction Reporting and Use of Information Act, which prohibits anonymous transactions.
The Litecoin community has been waiting for the MWEB update for a long time as it made LTC transactions private by hiding some key identifiers. Upbit reached out to Litecoin cryptocurrency developer Foudation for the details of the upgrade, and after careful consideration, the exchange has decided to stop supporting Litecoin. Exchange users now have 30 days to withdraw their assets to LTC:
“We have determined that the optional feature that does not disclose transaction information included in this network update is consistent with the anonymous transfer technology that is mandated by the Accurate Financial Information Act.”
Along with Upbit, four other crypto exchanges, including Bithumb, Coinone, Korbit and Gopax, have removed LTC from their platforms, according to the South Korean information portal 8BTC.
South Korea has some of the strictest regulations for the crypto industry in the world. They require crypto exchanges to identify customers, as well as fight money laundering.
Upbit and Bithumb warned LTC holders in advance to block sensitive transactions.
Source: Bits
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