Major cryptocurrency exchanges in South Korea have unanimously eliminated Litecoin (LTC) following various weeks of warnings about the project’s MimbleWimble (MWEB) update.
The initially is the Upbit exchange. In an announcement on the afternoon of June eight, Upbit cited the Financial Transaction Information Use and Reporting Act to ban anonymous transactions. This is Upbit’s principal cause for discontinuing help for LTC.
possibly the delisting is not as large a deal as they when have been LOL. I don’t forget when Upbit / Coinbase / Bithumb canceled XRP on SEC FUD and received giga bombed. $ LTC pic.twitter.com/ktdqruaxk9
– Nacho Trades (@NachoTrades) June 8, 2022
The delisting comes all through Litecoin’s extended-awaited Mimblewimble update which produced LTC transactions extra personal. This suggests that the approach of monitoring assets across the network will be considerably extra challenging. Mimblewimble was officially activated on Litecoin on May 23rd.
Soon following, Upbit reached out to the Litecoin Foundation to master about the privacy-targeted update, and following a thorough examination, the exchange made the decision to cease trading LTC. Users will have thirty days to withdraw their Litecoin stability. Upbit explained:
“We have made the decision to get rid of Litecoin (LTC), as it has been established that the performance of the transaction nondisclosure possibility integrated in the Mimblewimble update is not constant with the regulatory framework in Korea for cryptocurrency exchanges.
In addition, yet another “powerful” exchange in the nation of kimchi, Bithumb, has also issued an official document to get rid of Litecoin from the platform.
🇰🇷 South Korean exchanges🇰🇷 Support for “Bithumb” transactions has ended Litecoin (LTC) pic.twitter.com/NGVTebo9Of
– injee Kang (@injeeisgood) June 8, 2022
Not only that, in accordance to an 8BTC report, 3 other domestic exchanges together with Coinone, Korbit and Gopax have also followed in the footsteps of Upbit and Bithumb.
– 8BTCnews (@btcinchina) June 8, 2022
This is also a predictable move. Because Korea has the strictest cryptocurrency rules in the globe and the Financial Information Act is one particular of them. Under the stated rule, cryptocurrency exchanges are demanded to enforce common anti-funds laundering and consumer policies and prohibit anonymous transactions.
However, at the time of creating, regardless of this details, LTC’s value has not had also lots of fluctuations like “pump and dump” for the reason that fake information partnered with Walmart. LTC has also risen somewhat by one.47% in the previous 24 hrs and is trading at $ 62.two.
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