Binance stops supporting Litecoin (LTC) deposits and withdrawals utilizing the Mimblewimble update

Things look to be obtaining worse for Litecoin (LTC) as the project’s Mimblewimble update has been topic to sure restrictions by Binance, the greatest exchange in the globe.

Specifically, on the afternoon of June 13, Binance officially announced that it will not help Litecoin (LTC) deposit and withdrawal utilizing the Mimblewimble integration function by way of the Mimblewimble Extension Blocks (MWEB) update, making it possible for the consumer the capability to send confidential LTC transactions without having revealing any info about the transaction.

As a end result, Binance claims that any LTC deposits created to Binance by way of MWEB will not be acquired or returned as the exchange is unable to confirm the sender tackle, resulting in a direct reduction of money. At the identical time, Binance also issued a warning to be certain the security of its LTC money, end users should not send LTC utilizing the MWEB perform.

In essence, the MWEB improve is regarded a historic turning stage in the improvement of Litecoin, which was activated on May 23rd. MWEB will make it doable to anonymize transactions on the Litecoin network. Additionally, MWEB also assists Litecoin improve throughput and scalability. Especially in the context wherever Litecoin has the ambition to broaden dApps on the LTC ecosystem by means of a partnership with the greatest Bitcoin mining pool in the globe.

However, the joy for the Litecoin local community is that MWEB is turning into a authentic “disaster” for the existence of the task on big international exchanges. Binance’s newest pivotal move comes just after South Korea’s greatest cryptocurrency exchanges concurrently eliminated Litecoin final week.

And this will bring about a massive influence on the potential liquidity of LTC trading. It is most likely that numerous other big exchanges that record LTC this kind of as Coinbase, FTX, Gemini, and so forth. are also most likely. ought to look at the influence of the MWEB improve.

However, with this information mixed with some strain from Bitcoin and Ethereum’s new very low of 2022, the selling price of LTC has reacted fairly strongly. As of press time, LTC is trading at about $ 43.five, down 14.03% in the previous 24 hrs.

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