Five major South Korean exchanges announced their intentions to delist Litecoin (LTC). The cryptocurrency recently implemented an update to improve its privacy and scalability features. Related Reading | Litecoin Reveals Rollout Date For MimbleWimble, Will LTC See Relief? As a result, Upbit, Bithumb, Korbit, Gopax, and Coinone will stop offering to their customers. The update has made Litecoin incompatible with South Korean regulations. In the official delisting announcement posted by Upbit, the platform claims the following trading pairs will be unavailable as soon as today, June 8th: LTC/KRW, LTC/BTC, and LTC/USDT. The core reason behind this decision, the exchange said, is: (…) it is believed that the upgrade has been carried out with a selection function that does not expose transaction information. The decision is guided, the post continued, by South Korea’s Specific Financial Information Act. This regulation demands exchange platforms to check a blockchain’s transaction for “transparency”. In that way, Upbit and other South Korean exchanges can verify that the user or the transaction doesn’t violate the country’s anti-money laundering regulations. The rule is also aimed at preventing bad actors to obtain funds via illegal activities. The South Korean exchanges claim the MimbleWimble update will provide the Litecoin network with these capabilities: (LTC) has room to see the addition of technology that makes these tra...
