The brokers of cryptocurrencies South Korean companies Upbit and Bithumb announced, this Wednesday (8), that they will delist Litecoin (LTC)due to new activated privacy functions.
On May 20th, developers of Litecoin activated a privacy-preserving protocol for the currency, called MimbleWimble-Extension Blocks (MWEB).
The MimbleWimble update allows you to Litecoin hide transaction data but still maintain your ability to process large volumes of transactions quickly.
However, this poses a problem for South Korean exchanges, which have to comply with strict currency privacy laws.
Brokers comment on Litecoin delisting
Upbit stated that the reason for delisting Litecoin is linked to anti-money laundering rules, which require crypto exchanges the recording of data in cryptocurrency transactions.
According to the delisting notice, given the nature of the MimbleWimble privacy protocol, the exchange will no longer support transfers with Litecoinand the cryptocurrency will be removed from the exchange.
Upbit will stop supporting Litecoin on the 20th of this month, and will give users one month to remove funds from the cryptocurrency, according to the statement.
Similarly, Bithumb stated that it will stop all deposits in Litecoin from the 8th of June. The crypto exchange has given users until July 25 to withdraw the cryptocurrency. After that date, withdrawals of LTC will no longer be supported.
According to the website 8 BTCthree other exchanges including Coinone, Korbit and Gopax also notified users of the delisting of LTC.
Litecoin is one of the top twenty cryptocurrencies, with a market capitalization of more than $4 billion. the delisting of Litecoin on South Korean exchanges was announced a day after the payments giant PayPal has announced new crypto servicesincluding the external transfer of crypto assets, including LTC.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
