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Goodbye Litecoin – South Korean crypto exchanges withdraw LTC from trading

 


Several major South Korean crypto exchanges have delisted Litecoin ( LTC ) after the blockchain network rolled out the controversial MimbleWimble (MWEB) privacy upgrade.


As can be seen from a corresponding announcement from today, Wednesday, the Upbit trading platform refers in this context to the statutory disclosure obligation for certain financial transactions, which obliges the crypto exchange to no longer offer LTC in its current form.


The background is the long-awaited MWEB upgrade, through which Litecoin transactions now provide more data protection by hiding certain identification features. After two years of waiting for the upgrade, it was finally installed at the beginning of the year.


The crypto exchange therefore reached out directly to the Litecoin Foundation to understand exactly how the new upgrade works. However, after an internal review, Bybit decided against continuing to support LTC transactions. The users of the trading platform now have 30 days to book out their existing LTC balances. A spokesman explains:


“We have decided to stop supporting Litecoin (LTC) because the project has included an optional feature that allows certain transaction details to be hidden. According to legal regulations, however, this function represents an anonymous form of transmission.”

According to a report by 8BTC, a total of five South Korean crypto exchanges have decided to delist LTC for this reason, these are Upbit, Bithumb, Coinone, Korbit and Gopax.

Upbit and the other platforms had already warned crypto investors at the end of May that anonymous crypto transactions could lead to problems with the regulators.


South Korea is considered to be one of the countries with the strictest crypto regulation in the world. For example, crypto service providers are required by law to obtain comprehensive customer information and to take effective measures to combat money laundering. As part of this, anonymous transactions are completely prohibited.


The removal of LTC was accordingly not entirely unexpected, as several South Korean crypto exchanges had already taken other privacy cryptocurrencies off the market in the past.

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