The leading crypto exchange in South Korea, Upbit, joins the list of exchanges in the nation delisting Litecoin (LTC) from their platforms.
Upbit terminates Litecoin transactions from June 20
Upbit has delisted Litecoin weeks after issuing a warning against LTC’s latest MimbleWimble (MWEB) upgrade that made transactions private, hiding some of the major identifiers. In a public notice, the exchange cited the Act on the Reporting and Use of Specific Financial Transaction Information as the key factor behind the LTC transaction discontinuation.
In compliance with the Upbit Digital Asset Transaction Support Termination Policy, the exchange will terminate LTC transaction support on June 20 at 11:00 to safeguard investors. According to the announcement, the exchange will cancel the buy/sell orders requested before the end of transaction support. It further added that services such as airdrops, wallet upgrades, and hard forks for digital assets that are scheduled to end transaction support would not be supported after this notice.
Upbit said it is complying with the Specific Financial Information Act and related laws for money laundering and public intimidation financing prevention. However, Litecoin’s recent upgrade that integrated “anonymous transmission technology” prevented it from checking the transaction information.
After contacting the Litecoin Foundation to understand the privacy-focused upgrade and conducting a thorough investigation, the exchange decided to discontinue support for LTC transactions.
Notably, the exchange users would have 30 days from the date of termination of transaction support till around July 20 to withdraw their funds.
5 Korean exchanges reportedly delisted LTC
South Korea is known for its stringent crypto regulations. The Specific Financial Information Act obligates the exchanges to enforce strict Know your customer (KYC) and Anti-money laundering (AML) policies and prohibition of anonymous transactions.
According to a recent report by 8BTC, this resulted in five major crypto exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, delisting Litecoin from their platform.
