Binance ends support for anonymous Litecoin transactions

Litecoin’s MWEB upgrade, which makes transactions anonymous, has forced more and more crypto exchanges to act against the token.

Crypto exchange Binance has therefore announced that they are ending support for Litecoin transactions sent via the latest MimbleWimble (MWEB) upgrade. Other exchanges have gone even further and have even delisted the LTC.

Crypto exchanges crack down on Litecoin

Binance warned that any transaction sent through the MimbleWimble will be lost because the crypto exchange cannot verify the sender’s address.

The announcement comes just days after major South Korean crypto exchanges delisted (deleted) Litecoin over the latest upgrade that anonymizes transaction information.

The delisting of LTC took place after five crypto exchanges had previously issued warnings similar to Binance. It was no surprise that exchanges in South Korea would delist Litecoin. The country is known for its strict privacy laws that prohibit anonymous transactions on crypto exchanges.

The MWEB upgrade is a major update that went live earlier this year, nearly two and a half years after it was first proposed. The upgrade added several privacy features and made the LTC blockchain more scalable.

The MWEB upgrade is a curse for Litecoin

The privacy feature, which was seen as a major upgrade, is proving to be a curse for one of the oldest cryptocurrencies in the world. The MWEB upgrade comes at a time when regulatory oversight is at its peak and privacy features have become the primary target of regulators around the world.

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