Five South Korean Crypto Exchanges Respond to Litecoin MWEB Upgrade by Delisting the Coin – Five of South Korea’s major cryptocurrency exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, responded to the recent Mimblewimble Extension Blocks (MWEB) upgrade to litecoin by declaring that they would delist the crypto asset. The exchanges claim that the upgrade has rendered litecoin transactions anonymous, which they claim is against the law in their country.
According to a News1 report, the Mimblewimble upgrade’s anonymity violates a provision of the Specific Financial Information Act that prohibits cryptocurrency exchanges from dealing with crypto coins that hide transfer records.
Upbit reportedly said in a statement:
“Exchanges must check whether transmission records for digital assets can be verified using anonymous transmission technology, and take suitable measures if anonymous transmission technology is discovered,” according to the Special Act.
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The much awaited MWEB upgrade was activated, according to a message from the Litecoin team in May. The upgrade “is a fungibility-improving technology that promotes confidentiality between the senders and receivers in a transaction,” according to the statement. The sender and receiver are the only ones who know the amount being sent, the statement added.
Five South Korean Crypto Exchanges Respond to Litecoin MWEB Upgrade by Delisting the Coin – Users in South Korea, however, are unable to trade the crypto asset using the won currency as a result of this upgrade, which has designated LTC as a dark coin. Nonetheless, according to the News1 report, the exchanges have agreed to support LTC withdrawals for at least another month.
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