Friday, December 2, 2022

Major Exchanges In South Korea Delist Litecoin: Report

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Major exchanges in South Korea delisted Litecoin after the regulations started asking for strict KYC and AML guidelines so let’s have a closer look at today’s latest Litecoin news.

The major exchanges in South Korea delisted Litecoin and other privacy coins as well after flagging the privacy-focused MimbleWimble upgrade. In the public announcement, Upbit cited the Act on the Reporting and the USe of Specific Financial Transaction Information that prohibits anonymous transactions as the key reason for the ending support for LTC. The delisting came in light of the MWEB upgrade which made LTC transactions private and hid some of the key identifiers. The upgrade was released earlier and two years after the first proposal.

The crypto exchanges reached out to the Litecoin Foundation to understand the privacy upgrade and after a review, the exchange decided to end the support for the LTC transactions so users will have 30 days to withdraw their funds as Upbit said in the report:

“We decided to terminate the transaction support for Litecoin (LTC), as it was determined that the optional function that does not expose transaction information included in this network upgrade corresponds to an anonymous transmission technology under the Specific Financial Information Act.”

According to the reports from 8BTC, five major exchanges like Bithumb, Coinone, Upbit, Gopax, and Korbit deleted LTC from their platforms. Upbit and other exchanges issues a warning for investors in the past week of May and advised them about regulatory risks related to the confidential transactions. South Korea has some of the strictest regulations worldwide and the specific financial information Act is one of them. With this rule, the exchanges are required to enforce the strict KYC and AML policies with the anonymous transactions being prohibited. The delisting of LTC was anticipated after the warning by exchanges earlier this year and the Korean exchanges all delisted a few other privacy coins in the past too.

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Korean exchanges are under scrutiny with the new legislations.

As recently reported, The South Korean financial supervisory service started an investigation into the payment gateway services which work with digital assets and the FSS is the financial regulator in the country that operates under the Financial Services Commission which is also a governemnt institution. The FSS demanded reports from 157 payment gateways about service-related to crypto with plans for the future and disclosure of the digital assets.

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