Sunday, November 27, 2022

More Crypto Exchanges Delist Litecoin Over Privacy Concerns

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More crypto exchanges in South Korea delist Litecoin over privacy concerns that were recently added to the protocol so let’s read more today in our latest Litecoin news.

Litecoin will be delisted from more crypto exchanges in South Korea, starting from Upbit and Bithumb, over the modifications made to the coin that enable greater privacy when conducting the transactions. In the notices regarding LTC, Bithumb and Upbit stated they will shut down the marekt support for the 20-th biggest cryptocurrency by market cap because of the MimbleWimble extension block network upgrade which is in conflict with the South Korean anti-money laundering regulation.

Upbit pointed out an option in trading LTC that enables users to not expose transaction information and raised concerns that anonymous transmission technology will be added to the functionality of the coin. The market support for Litecoin using Upbit will also shut down and the users will be given a month after that to withdraw the funds. Bithumb is taking faster action and in the delisting notice, the exchange outlined that they have a responsibility to protect users and to construct a transparent digital asset market. It will also prevent users from depositing LTC and give them time until July to withdraw their LTC from the exchange.

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In the US, LTC is available on most major crypto exchanges like Coinbase, FTX US, and Binance and was also one of the few exchanges to be made available for purchase via Robinhood back in 2018. however, the moves by the South Korean exchanges could cast the future of the coin into doubt. Right now, all of the mentioned exchanges are offering exchange services of Litecoin. Exchanges have treaded carefully around the so-called privacy coins which employ advanced privacy techniques and enable transactors to preserve anonymity so the most widely used privacy coins remain Monero and Zcash.

The nature of the transactions using these types of cryptocurrencies, lend utility to illicit activities and serves as a valuable tool for scammers and hackers to launder funds. Studies show that Binance served as a conduit to launder $2.45 billion in funds and that Monero was critical to the success of crypto actors to try and clean their ill-gotten funds using the exchange. Binance called the investigation misinformed and suggested that it was based on outdated information from 2019. Litecoin is one of the oldest cryptocurrencies and at one time in history, it was among the top three coins by market cap back in 2017. it is still available on most exchanges in the US but this can also change in the future if companies follow the footsteps of South Korea.

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