South Korea’s largest cryptocurrency exchanges have begun removing litecoin (LTC) from their trading platforms. That follows the recent MimbleWimble Extension Block (MWEB) update to the cryptocurrency.
A few weeks ago, the MWEB update was implemented on the Litecoin network. It is now possible to send anonymous transactions via Litecoin, but that does not fit into the vein of South Korean regulators.
South Korean crypto exchanges have been subject to strict regulations since last year. Below the “Act on the Reporting and Use of Specific Financial Transaction Information”These exchanges are no longer allowed to support anonymous trades. The new law is part of stricter anti-money laundering measures.
As a result, all trading platforms in the country had to remove privacy coins such as monero (XMR) and zcash (ZEC) last year. Now that the Litecoin network has undergone a privacy update, these exchanges are being forced to remove LTC as well.
The 5 Largest South Korean Exchanges Are Removing LTC
South Korea’s Five Largest Exchanges Announced They Will Be LTC delist† This concerns Upbit, Bithumb, Coinone, Korbit and Gopax, reports 8BTCnews on June 8:
Five major South Korean #crypto exchanges – Upbit, Bithumb, Coinone, Korbit and Gopax announced to delist #Litecoin (LTC)https://t.co/p1SdMr1Gu5
— 8BTCnews (@btcinchina) June 8, 2022
Several of these exchanges have already made announcements themselves. Clients are given 30 days on most exchanges to withdraw their LTC from the trading platforms.
Litecoin is one of the oldest crypto on the market, it is a hard fork of Bitcoin (BTC). It was also one of the largest crypto on the market for a long time, but has fallen out of favor in recent years. Despite this, last year’s LTC price was able to set a new all time high (ATH), just above the late 2017 peak.
LTC is now the 20th largest cryptocurrencies in the market. At the time of writing, the LTC price is just under 1.5% in the plus. The news has no effect on the price for the time being, but that could follow. LTC is now 85% below its ATH.