South Korean crypto responsibilities involve marketplaces following tight KYC and AML standards, and major cryptocurrency exchanges have previously been removed from the list of privacy currencies.
Litecoin (LTC) has been removed from major cryptocurrency exchanges in South Korea, just weeks after the confidential MimbleWimble (MWEB) version was announced.
Upbit highlighted the Act on the Recording and Use of Specific Monetary Transaction Data, which restricts faceless payments, as the main reason for halting the acceptance of LTC in an official declaration on Wednesday.
The withdrawal follows the much-anticipated MWEB upgrade, which made LTC transactions secret and obscured several crucial features. The improvement was leaked yesterday this year, roughly two years after the suggestion was first made.
The crypto exchange contacted the Litecoin Foundation to learn more about the confidentiality improvement, and after a serious examination, the exchange decided to abandon service for LTC trades. Users have 30 days to retrieve their LTC funds from the exchanger. According to Upbit’s final document:
“We chose to end help to verify for Litecoin (LTC) because the additional capability added in this new network that does not publish transaction data relates to an incognito transceiver under the Specific Financial Information Act.”
Five major cryptocurrency exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, have removed LTC from their platforms, as stated by 8BTC.
During the last week of May, Upbit and other large cryptocurrency exchanges posted a notification to clients, alerting them of the legal issues connected with secret trades.
The Specific Financial Information Act in South Korea is among the most rigorous crypto legislation globally. Crypto exchanges must follow stringent know your client and anti-money washing measures due to the legislation, and anonymity trades are banned.
LTC’s delisting was highly predicted, particularly after exchanges warned people previously this year. Many other private coins have been removed by Korean platforms in the previous.
Leave a Reply