Binance Ends Support for Litecoin Transactions Using Mimblewimble

Litecoin Transactions

Cryptocurrency exchange Binance has announced that it will not facilitate deposits and withdrawals of Litecoin through the MimbleWimble Extension Blocks function.

The exchange adds that any LTC deposits on Binance through the MWEB function will not be received or returned since the platform cannot verify the sender’s address. The senders will reportedly lose their funds as a result.

Binance has cited the complexity of maintaining Litecoin’s MWEB transactions as the reason for the move. It adds that it is impossible to ascertain the crypto addresses on MWEB transactions since they are concealed.

The platform is not opposed to privacy coins since it hosts most privacy coins, including Monero and Zcash, unlike its Korean counterparts.

The announcement comes after several cryptocurrency exchanges in South Korea made similar announcements citing the country’s policy against private crypto transactions. The exchanges, which include Upbit and Bithumb, delisted LTC.

MimbleWimble Extension Blocks allows users to send private LTC transactions without disclosing transaction information.

Litecoin’s team launched the MWEB option on May 20 to enable the network to conceal transactional data while benefiting from its faster transactions.

Source: Binance

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