Binance announces withdrawal of support for anonymous Litecoin transactions

Binance has announced that it volition not enactment Litecoin transactions made done the MimbeWimble Extension Blocks function. The latest Litecoin relation allows users to marque confidential Litecoin transactions without revealing immoderate transaction accusation oregon the sender’s address.

The cryptocurrency speech stated that immoderate Litecoin transactions made done the MimeWimble Extension Block would neither beryllium received nor returned. It said this is owed to its inability to verify the sender’s code and informing that determination could beryllium an eventual nonaccomplishment of funds by transacting users.

Binance precocious came nether regulator’s ticker aft a Reuters study alleged that the world’s largest cryptocurrency speech had facilitated astatine slightest $2.35 cardinal successful illicit transactions.

Reuters alleged successful the study that Binance was utilized arsenic a “conduit” for amerciable actors to cleanable their crypto sourced from hacks, concern frauds, and cause income betwixt 2017 and 2021.

The report besides mentioned that the North Korean Lazarus radical laundered immoderate of the proceeds of the 2020 Eterbase hack done the exchange.

Although a Binance spokesperson of Binance termed the study “woefully misinformed,” it adds to the woes of the crypto speech giant, which is already taxable to respective investigations.

In February, the United States Securities and Exchange Commission launched a probe into Binance trading affiliates connected to its CEO Changpeng Zhao. The crypto speech was besides the taxable of investigations from the U.S Commodity Futures Trading Commission, the U.S Justice Department, and the U.S Internal Revenue Service.