South Korean Crypto Exchanges Delist Litecoin Over Privacy Issues

South Korean Crypto Exchanges

Multiple South Korean cryptocurrency exchanges, including Upbit, have delisted Litecoin’s LTC tokens citing its privacy Mimble Wimble update.

Upbit has given users 30 days to withdraw their LTC tokens, saying that the decision was made after engaging Litecoin Foundation to understand the feature better.

A report by 8BTC shows that other crypto exchanges in the country that have offboarded the coin include Bithumb, Coinone, Korbit, and Gopax.

Upbit has referred to the Act on Reporting and Use of Specific Financial Transaction Information, which restricts anonymous transactions, as the reason for the delisting.

Litecoin implemented the MWEB upgrade making its transactions private by hiding some of its main identifiers. The upgrade debuted at the start of the year, two years after its proposition.

Upbit has early cautioned investors concerning confidential transactions and the accompanying risks. The Korean Specific Financial Information Act requires that exchanges comply with AML and KYC processes.

Source: Upbit

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