South Korean Exchanges delist Litecoin
Major South Korean exchanges in South Korea have delisted Litecoin after the launch of its new privacy-centric MimbleWimble upgrade
By Shashank Bhardwaj
South Korean exchanges have flagged Litecoin’s recent privacy-focused upgrade, MimbleWimble (MWEB) upgrade and delisted Litecoin citing non-compliance under the Specific Financial Information Act.
Upbit stated that the prohibition of anonymous transactions under the Act on the Reporting and Use of Specific Financial Transaction Information was the key reason for ending support for Litecoin. The coin was delisted after the anticipated MWEB upgrade, which made LTC transactions private and concealed many of its key identifiers. The upgrade was released earlier this year, approximately two years after the first proposal.
To understand the new upgrade and its key features, the exchange platform reached out to the Litecoin Foundation. After an exhaustive review, the exchange decided to end support for LTC. Upbit has given its users 30 days to withdraw their LTC funds.
“We decided to terminate the transaction support for Litecoin, 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,” stated Upbit in their official report.
Five major crypto exchanges in South Korea, including Upbit, Coinone, Gopax, Korbit, and Bithumb, have delisted Litecoin(LTC) from their platforms, as reported by 8BTC.
Upbit, along with other major exchange platforms, issued a warning for their platform’s investors in May last week, advising them about the regulatory risks involved with confidential transactions.
South Korea follows one of the most stringent crypto regulations in the world. The Specific Financial Act is one of them. This Act enforces strict KYC (Know Your Customer) and Anti-Money Laundering policies, along with the prohibition of anonymous transactions by crypto exchange platforms.
Korean exchanges have delisted many other privacy coins in the past, and the delisting of LTC was imminent, especially after being warned by the exchanges earlier this year.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..