Major South Korean crypto exchanges delist Litecoin

Major South Korean crypto exchanges delist Litecoin

After flagging the MimbleWimble upgrade (MWEB), which is privacy-focused, major cryptocurrency exchanges in South Korea delisted Litecoin(LTC).

Upbit made a public announcement on Wednesday citing the Act on Reporting and Use Specific Financial Transaction Information (which prohibits anonymous transactions) as the main reason that it ended support for LTC.

This is in light of the long-awaited MWEB upgrade, which made LTC transactions secretive and hiding key identifiers. Nearly two years after the original proposal, the upgrade was made public earlier in this year.

To understand the privacy-focused upgrade, the crypto exchange reached out the Litecoin Foundation. After a thorough review, the exchange determined to discontinue support for LTC transactions. Users can withdraw LTC funds within 30 days. According to Upbit’s official report:

“We have decided to end transaction support for Litecoin(LTC), because it was determined that the optional function, which does not expose transaction data included in the network upgrade, corresponds to an anonymized transmission technology under Section Financial Information Act.”

According to 8BTC’s report, five major cryptocurrency exchanges, namely Upbit (Bithumb), Coinone, Korbit, and Korbit have delisted LTC from the platform.

Five major South Korean #crypto exchanges – Upbit, Bithumb, Coinone, Korbit and Gopax announced to delist #Litecoin (LTC)https://t.co/p1SdMr1Gu5
— 8BTCnews (@btcinchina) June 8, 2022

Investors are being warned by Upbit and the other major crypto exchanges in the last week. They are advised about the regulatory risk associated with confidential transactions.

Related: South Korea increases crypto investigation and regulations

The Specific Financial Information Act, one of the most stringent crypto regulations in the world, is a part of South Korea’s. According to this rule, crypto exchanges must enforce strict know-your-customer and anti money laundering policies. Anonymous transactions are also prohibited.

LTC’s delisting was much anticipated, especially after warnings from exchanges earlier in the year. Several privacy coins have been delisted by Korean exchanges in the past.

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