Five major crypto exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, have now removed LTC from their platform.
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- South Korean exchanges delist Litecoin from their lists
- Removed after it released its update MimbleWimble
- South Korea prohibits anonymity of transactions
The major cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchanges in South Korea eliminated Litecoin (LTC) from its lists. This comes weeks after this crypto launched its. update MimbleWimble (MWEB) privacy-focused .
This was reported by 8BTC News and Twitter:
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
Also in a statement today, Upbit cited the Financial Transaction Specific Information Reporting and Use Act, which prohibits anonymous transactions, as the key reason for ending support for Litecoin. It indicates that the coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. will be delisted next June 20. Users will have one more month (until July 20) to make withdrawals.
Dice Upbit:
“We are announcing the end of transaction support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below.
for Litecoin (LTC).
In accordance with Upbit’s Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Asset Transaction Support Termination Policy, the relevant digital asset will terminate transaction support on 2022-06-20 at 11:00 to protect investors.”
Add: “When transaction support ends, orders (buy/sell) requested before the end of transaction support in the market an area or arena, online or offline, in which commercial dealings are conducted. will be cancelled. After this notice, services such as airdrops, wallet a place where cryptocurrency users can store, send and receive digital assets. upgrades and hard forks for digital assets that are scheduled to end transaction support will not be supported.”
¿Qué pasó?
As told by Cointelegraph, the delisting the process of removing an asset/stock/cryptocurrency from a trading exchange is called delisting. by the Korean exchanges comes in light of the long-awaited update of MimbleWimble, MWEB, that made the transactions of Litecoin were private, hiding some of the key identifiers. Although the update was released this year, it had been in the works for two years.
In this regard Upbit he says in his report:
“In accordance with the Financial Transaction Specific Information Reporting and Use Act and related laws, the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. transmits digital assets embedded with technology that prevents transmission records from being identified (“anonymized”). It should be seen if the record can be verified, and appropriate action should be taken if anonymous anonymity is when something is not known or named. transmission technology is found. Upbit is making every effort to comply with the above related laws and to prevent money laundering and the financing of public intimidation.”
Add the exchange:
“According to the content of the MimbleWimble Extension Blocks (MWEB) network a network refers to all nodes in the operation of a blockchain at any given moment in time. update by the Litecoin (LTC) foundation, the update was carried out with a screening function that does not expose transaction information. On May 23, 2022, Litecoin (LTC) was designated as a significant element, as it was deemed to add anonymous transmission technology.”
Against anonymity
Upbit asked the foundation for an explanation of the technology for anonymous transmission of Litecoin and, based on the response to the explanation, went through a detailed review process of the anonymous transmission technology. As a result of the review, it decided to cancel transaction support for Litecoin (LTC), as it was determined that “the optional feature that does not expose transaction information included in this network update corresponds to an anonymous transmission technology under the Specific Financial Information.”
Upbit and other major crypto exchanges issued a warning to investors in the last week of May, informing them of the regulatory risks associated with confidential transactions. South Korea has some of the strictest crypto regulations in the world, and the Targeted Financial Reporting Act is one of them. According to that rule, exchanges must enforce strict Know Your Customer, KSC, and anti-money laundering, AML, policies, and. anonymous transactions are prohibited.
Sources: Cointelegraph , Upbit, Twitter , archivo
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