Litecoin confidential transactions spook Korean exchanges
The two exchanges cited Korea's Act on the Reporting and Use of Specific Financial Transaction Information, a law that requires crypto exchanges to put in place KYC and AML systems. The recent privacy-focused MimbleWimble upgrade on the Litecoin (LTC) blockchain has prompted two of Korea's largest crypto exchanges to issue investment warnings about the fifth-largest cryptocurrency.Bithumb and Upbit, which together account for the majority of trading volume in South Korea, released statements on Monday, advising investors about the risks associated with the privacy-enhancing upgrade.....
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Litecoin’s MWEB upgrade that makes transactions confidential comes at a time when the majority of the crypto exchanges are implementing strict KYC and AML guidelines. Crypto exchange Binance announced they are ending support for Litecoin (LTC) transactions sent through the latest MimbleWimble (MWEB) upgrade.Binance warned that any transaction sent through the MWEB function would be lost since the crypto exchange can’t verify the sender’s address. The crypto exchange didn’t respond to Cointelegraph’s request for comments at the time of publishing.The announcement comes just days after major....
Five South Korean cryptocurrency exchanges recently said they will delist litecoin because the crypto asset’s Mimblewimble Extension Blocks (MWEB) upgrade violates the country’s laws. As a result, the exchanges’ users cannot use the Korean won to trade the crypto asset, which has since been named a “dark coin.”
Upgrade Violates Specific Financial Information Act
Following the recent Mimblewimble Extension Blocks (MWEB) upgrade to litecoin, five of South Korea’s major cryptocurrency exchanges, namely Upbit, Bithumb, Coinone, Korbit, and....
Crypto regulations in South Korea require exchanges to enforce strict KYC and AML guidelines and major crypto exchanges have delisted privacy coins in the past as well. Major cryptocurrency exchanges in South Korea have delisted Litecoin (LTC) weeks after flagging its privacy-focused MimbleWimble (MWEB) upgrade.In a public announcement on Wednesday, Upbit cited the Act on the Reporting and Use of Specific Financial Transaction Information, which prohibits anonymous transactions as the key reason for ending support for LTC. The delisting comes in the light of the much-awaited MWEB upgrade....
Monero, the fifth largest digital currency with a market cap of nearly $200 million, has successfully hardforked yesterday to add higher levels of privacy and anonymity by implementing an adapted version of Confidential Transactions. The networks’ near 650 visible full nodes have made the transition without any noticeable problem so far, with the market responding positively as indicated by an increase in Monero’s price of more than 4.5% at the time of publishing. Monero’s Price Following a Hardfork to Implement Confidential Transactions. Chat Courtesy of Poloniex The network hardforked to....
Many Bitcoiners hope to one day be able to send bitcoin on-chain in a private manner: for now, Liquid can help with confidential transactions.