Major South Korean crypto exchanges delist Litecoin

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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 Info, 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 personal, hiding a few 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 know the privacy-focused improve, and after a radical evaluation, the trade determined to finish assist for LTC transactions. Change 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 non-compulsory perform that doesn’t expose transaction data included on this community improve corresponds to an nameless transmission expertise beneath the Particular Monetary Info Act.”

In keeping with a report from the 8BTC, 5 main crypto exchanges particularly 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 Could, 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 few of the most stringent crypto rules worldwide, and the Particular Monetary Info Act is certainly one of them. Below mentioned rule, crypto exchanges are required to implement strict know your buyer and anti-money 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 in the past as well.