Binance made a tweet to announce their latest decision. They said that they will not be using the MimbleWimble Extension Blocks (MWEB) function for LTC deposit and withdrawal. The crypto exchange previously stated that it will discontinue trading LTC due to MWEB’s anonymous nature. #Binance will not support the deposits and withdrawals of @litecoin $LTC utilising MimbleWimble Extension Blocks (MWEB).https://t.co/YZRrIgXJzF — Binance (@binance) June 13, 2022 Binance Stops LTC Deposit and Withdrawal Support Through MWEB When transmitting Litecoin (LTC) via the MimbleWimble Extension Blocks (MWEB) function, users can keep their transaction information private while still sending LTC. Binance will not be supporting this feature. Due to the fact that Binance cannot verify the sender’s address, any LTC deposit and withdrawal made with MWEB wouldn’t be received or repaid. It will lead to the immediate loss of cash. Using MWEB to deposit LTC puts your cash at risk, therefore please avoid doing so. MimbleWimble Extension Blocks MWEB, presented as an LTC Improvement Proposal in November 2019, improves fungibility and transaction secrecy. If you think about it, you may think of the MWEB network as a parallel highway. A highway that connects the main chain to the extended block and back again. It’ll be offering “secret” LTC transactions wherein the amount sent is only disclosed between parties involved. This will allow users to keep their...
