1 year ago
The apical 5 Korean exchanges each announced a simultaneous delisting of Litecoin (LTC) on June 8, according to section quality outlet News 1.
Korean exchanges Upbit and Bithumb issued warnings connected Litecoin pursuing its MWEB upgrade, arsenic reported by CryptoSlate past month.
The warnings centered astir concerns implicit breaching regulations astir wealth laundering and Know Your Customer (KYC) requirements.
However, accelerated guardant to present and some exchanges person followed done by actioning the delisting. They are joined by Coinone, Korbit, and Gopax.
What is MWEB?
The Litecoin MWEB privateness upgrade went live connected May 19 pursuing a prolonged improvement phase.
MWEB added respective features and benefits, including greater scalability done a much compact information organization. But main among them was an optional constituent of privacy.
By obfuscating artifact transactions, details of the transactions that marque up the artifact are unidentifiable. In short, idiosyncratic inputs are not easy matched with outputs, frankincense limiting readable accusation of the transaction to the sender and receiver only.
Litecoin laminitis Charlie Lee described this arsenic the cardinal to making LTC fungible and truthful implicit successful presumption of possessing each of the qualities of dependable money. Lee lists durability, portability, divisibility, scarcity, universally accepted, and fungibility arsenic the qualities of dependable money.
Litecoin delisting
Following the MWEB upgrade, Litecoin is present labeled a “dark coin” by the Korean press, who fearfulness its “anonymous transmission” breaches the country’s Specific Financial Information Act.
News 1 reported that, successful response, the apical 5 Korean exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, delisted Litecoin astatine the aforesaid time.
“the 5 large home cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) that run the KRW marketplace announced that they would delist Litecoin each astatine once.”
The nonfiction states that the Specific Financial Information Act does not let for “dark coins” that obfuscate transportation records. The announcement enactment retired by Bithumb mirrors this remark exactly.
“Bithumb decides to terminate transaction enactment for virtual assets successful accordance with the revised Act connected Reporting and Use of Specific Financial Transaction Information, successful compliance with regulations connected virtual assets with precocious anonymity.”
During MWEB development, this script was considered and dealt with by making MWEB an opt-in feature. This means exchanges and wallet providers tin take not to integrate MWEB and bypass regulatory concerns.
However, Korean exchanges person decided not to hazard exercising the opt-out feature.
The station Top 5 Korean exchanges delist Litecoin, labeling it a ‘dark coin’ aft MWEB upgrade appeared archetypal connected CryptoSlate.
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