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Major South Korean crypto exchanges delist Litecoin

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Major 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 Specific Financial Transaction Information, which prohibits nameless transactions as the important thing purpose for ending help for LTC.

The delisting comes within the mild of the much-awaited MWEB improve that made LTC transactions personal, hiding among the key identifiers. The improve was launched earlier this 12 months, almost two years after its first proposal.

The crypto alternate reached out to the Litecoin Foundation to grasp the privacy-focused improve, and after a radical evaluation, the alternate determined to finish help for LTC transactions. Exchange customers have 30 days to withdraw their LTC funds. Upbit in its official report mentioned:

“We decided to terminate the transaction support for Litecoin (LTC), as it was determined that the optional function that does not expose transaction information included in this network upgrade corresponds to an anonymous transmission technology under the Specific Financial Information Act.”

According to 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 May, advising them concerning the regulatory dangers related to confidential transactions.

Related: South Korea ramps up crypto investigations and laws

South Korea has among the most stringent crypto laws worldwide, and the Specific Financial Information Act is considered one of them. Under mentioned 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 12 months. Korean exchanges have delisted a number of different privateness cash up to now as effectively.