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2022-06-24 | Selina Mathew
South Korean crypto regulations demand exchanges to follow tight KYC and AML guidelines, and major crypto exchanges have previously delisted privacy currencies.
Litecoin (LTC) has been delisted from major cryptocurrency exchanges in South Korea, just weeks after the privacy-focused MimbleWimble (MWEB) upgrade was announced.
Upbit cited the Act on the Reporting and Use of Specific Financial Transaction Information, which restricts anonymous transactions, as the primary reason for halting support for LTC in a public announcement on Wednesday.
The delisting follows the much-anticipated MWEB upgrade, which made LTC transactions private and obscured several crucial identifiers. The improvement was released earlier this year, roughly two years after the suggestion was first made.
The crypto exchange contacted the Litecoin Foundation to learn more about the privacy-focused improvement, and after a thorough investigation, the exchange decided to discontinue service for LTC transactions. Users have 30 days to withdraw their LTC funds from the exchange. "We decided to terminate transaction support for Litecoin (LTC) because 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," Upbit said in its official report.
Five major crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, have delisted LTC from their platforms, according to a report from the 8BTC. Read More Cryptocurrency News
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