Upbit Ends Litecoin Transactions Starting June 20
Upbit pulled Litecoin weeks after issuing a warning against LTC’s latest MimbleWimble (MWEB) update which made transactions private, obscuring some key identifiers. In an audience to remarkthe exchange cited the law on the reporting and use of specific financial transaction information as the key factor in stopping the LTC transaction.
In accordance with Upbit’s digital asset trading support termination policy, the exchange will terminate LTC trading support on June 20 at 11:00 a.m. to protect investors. According to the announcement, the exchange will cancel bid/sell orders requested before the end of trading support. He further added that services such as airdrops, wallet upgrades, and hard forks for digital assets that are due to end transaction support would no longer be supported after this notice.
Upbit said it complies with the Specific Financial Information Act and related laws regarding money laundering and preventing the financing of public intimidation. However, Litecoin’s recent upgrade that incorporates “anonymous transmission technology” has prevented it from verifying transaction information.
After contacting the Litecoin Foundation to understand the privacy-focused upgrade and conducting a thorough investigation, the exchange decided to discontinue support for LTC transactions.
Notably, users of the exchange would have 30 days from the end of transaction support date until around July 20 to withdraw their funds.
5 Korean exchanges have reportedly delisted LTC
South Korea is known for its strict crypto regulations. The Specific Financial Reporting Act requires exchanges to enforce strict know-your-customer (KYC) and anti-money laundering (AML) policies and prohibition of anonymous transactions.
According to a recent report by 8BTCthis resulted in five major crypto exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, removing Litecoin from their platform.