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Uproar in the Bitcoin community: Binance does not want anonymous Litecoin transactions!



 Binance no longer supports anonymity on Litecoin. If you want to carry out anonymous Litecoin transactions, you have to switch to another Bitcoin exchange .


Litecoin's MWEB upgrade made transactions with the coin more confidential and protected user anonymity. But it is precisely this feature that is causing problems for the popular cryptocurrency, because the majority of crypto exchanges now refer to strict know-your-customer measures and regulations to prevent money laundering. And that is exactly where the crux of the matter lies for the Litecoin.


Crypto exchanges have been pioneered by crypto giant Binance, which has now announced that transactions via Litecoin (LTC) will no longer be possible via the latest upgrade MimbleWimble (MWEB). Additionally, Binance warned that failure to comply with the new regulations would result in transactions being lost through the MWEB feature, as the crypto exchange cannot verify the sender's address. Various crypto news outlets have asked Binance for a fuller statement on the matter, but so far have been unsuccessful.


Binance follows the behavior of the largest South Korean crypto exchanges, which delisted the altcoin LTC a few days ago after LTC made its transactions strictly confidential with the help of the new update. Five other crypto exchanges have already made similar announcements, which should come as a warning to Litecoin fans. The behavior of South Korean crypto exchanges came as no surprise, however, as South Korea has one of the strictest privacy laws in the world, which runs counter to the anonymity of the cryptocurrency world. LTC's announcement that the MWEB upgrade would go into effect earlier this year alarmed the exchanges. The MWEB project has been around for a good two years, before the upgrade has now been introduced with more complex data protection functions, not least because


Binance is not alone in its decision:

The well-known crypto trading platform Gate.io also no longer supports MWEB Litecoin transactions. Here, too, users must be prepared for the fact that anonymous transactions on the platform are a thing of the past.


Conclusion:

Unfortunately, LTC chose the worst possible time for its upgrade. Authorities around the world are dealing with illegal and anonymous crypto transactions and data protection is increasingly becoming the focus of investigators. It remains to be seen how well Litecoin will weather this setback amid the already rampant bull market in the crypto world.

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