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 motive for ending assist for LTC.

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The delisting comes within the mild of the much-awaited MWEB improve that made LTC transactions non-public, hiding among 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. 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 elective operate that doesn’t expose transaction info included on this community improve corresponds to an nameless transmission know-how underneath the Particular Monetary Info Act.”

Based on 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 among the most stringent crypto laws worldwide, and the Particular Monetary Info Act is one in all them. Below stated 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.