South Korea’s major cryptocurrency platform has delisted Litecoin (LTC) weeks after a privacy -focused MimbleWimble (MWEB) upgrade, marked as a risk.
Five major crypto exchanges namely Upbit, Bithumb, Coinone, Korbit and Gopax have delisted LTC from their platforms.
In a public announcement on Wednesday, Upbit cited the Reporting and Use of Certain Financial Transaction Information Act, which prohibits anonymous transactions as the primary reason for ending support for LTC.
The delisting was made following the MWEB upgrade making LTC transactions more private, hiding some key identifiers.
The crypto exchange contacted the Litecoin Foundation to understand the privacy -focused improvements, and after a thorough review, Upbit decided to end support on LTC transactions.
Users of the platform have 30 days to withdraw their LTC funds.
Upbit and other major crypto exchanges issued a warning to investors in the last week of May, advising them on the regulatory risks associated with confidential transactions.
At the time of writing, LTC is trading at $ 61.80, while Bitcoin (BTC) is stable at $ 30,400 and Ethereum (ETH) is around $ 1,800.
