litecoin Modifications to the coin will be delisted on Bithumb and Upbit, two South Korean crypto exchanges, which enable greater privacy when conducting transactions.
In their notices regarding Litecoin, Bithumb and Upbit said they were closing market support for the 20th largest cryptocurrency by market capitalization because of its newly activated Mimblewimble Extension Block (MWEB) network upgrade South Korean Anti-Money Laundering (MWEB) network upgrade. AML) struggle with regulation.
Upbit pointed to an option in Litecoin’s trading that “enables users not to expose transaction information,” raising concerns that “anonymous transmission technology” would be added to the coin’s functionality.
Market support for Litecoin using Upbit will close on June 20 and users will be given a month until July 20 to withdraw their funds from the exchange.
Bithumb is acting fast. In its delisting notice, the exchange emphasized its responsibility to “protect” [its] users and to build a transparent digital asset market.” This will prevent users from depositing Litecoin on 8 June and give them until 25 July to fully withdraw their Litecoin from the exchange.
In the US, Litecoin is available on most major cryptocurrency exchanges including Coinbase, FTX US and Binance US. It was one of the first cryptocurrencies to be made available for purchase through Robinhood. back in 2018But the move by South Korean exchanges could put the coin’s future in doubt.
Coinbase, Robinhood, Binance US, Kraken, Gemini, FTX US, Crypto.com all currently offer Litecoin exchange on their platforms and did not immediately respond to requests for comment.
Exchanges have behaved lightly in the past around so-called privacy coins Which employ advanced privacy techniques and enable the transactors to maintain their anonymity. The most widely used privacy coins are zcash And moneroWhich has a combined total market value of approximately $4.7 billion.
The anonymous nature of transactions using this breed of cryptocurrency lends utility to illegal activities and serves as a potentially valuable tool for scammers and hackers to launder their funds. recently Reuters The investigation claims that Binance acted as a “conduit” to launder $2.35 billion of funds and that nefarious actors trying to clean up their misappropriated crypto using the Monero exchange was vital to its success.
Binance called the investigation “severely misinformation” and suggested that it was based on “out-of-date information from 2019 and unverified personal verification as a crutch to establish a false narrative.” decrypt,
Litecoin is one of the oldest and most well established cryptocurrencies; At one point, it was the top-three coin by market capitalization in 2017. While it is still available on almost all crypto exchanges in the US, that could very well change in the future if companies take action similar to Bithumb and Upbit.
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