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Binance ends assist for nameless Litecoin transactions

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Crypto trade Binance introduced they’re ending assist for Litecoin (LTC) transactions despatched by way of the newest MimbleWimble (MWEB) improve.

Binance warned that any transaction despatched by way of the MWEB operate could be misplaced because the crypto trade can’t confirm the sender’s tackle. The crypto trade didn’t reply to Cointelegraph’s request for feedback on the time of publishing.

The announcement comes simply days after main South Korean crypto exchanges delisted LTC because of the newest improve that makes transaction info confidential. The delisting got here simply weeks after 5 crypto exchanges issued warnings much like Binance. However, the delisting didn’t come as a shock as S.Korea is understood for its strict privateness legal guidelines that prohibit nameless transactions on crypto exchanges.

The MWEB improve on LTC is likely one of the important updates that went stay earlier this yr, practically two and half years after it was first proposed. The improve added a number of privateness options and made the LTC blockchain extra scalable.

Gate.io, one other widespread crypto buying and selling platform additionally ended assist for MWEB Litecoin transactions, claiming nameless transactions will not be supported on the platform.

Related: Crypto trade Binance seeks important licenses in Philippines, CEO says

The resolution to finish assist for the MWEB operate additionally comes at a time when the main crypto trade has been marred in controversies. Binance was not too long ago accused of facilitating $2.5 billion value of illicit transactions by Reuters.

Chagpeng Zhao (CZ), the CEO of Binance refuted all such allegations, pointing to the information launched by blockchain analytics agency Chainalysis.

The United States Securities and Exchange Commission additionally opened a Security violation investigation concerning Binance’s BNB ICO sale in 2017.

The privateness characteristic that was seen as an essential improve, has turned out to be a bane for one of many oldest cryptocurrencies. The MWEB improve comes at a time when the regulatory oversight is at its highest and privateness options have grow to be the first goal of regulators across the globe.