On June 8, Litecoin (LTC) was delisted from major cryptocurrency exchanges in South Korea, just weeks after the privacy-focused MimbleWimble (MWEB) upgrade was announced. Upbit, Bithumb, Coinone, Korbit, and Gopax, five major cryptocurrency exchanges, have now delisted LTC from their platforms.
Upbit cited the use of Direct Financial Reporting Act, which restricts anonymous activities, as the main reason for withdrawing LTC support from a public announcement on Wednesday.
The removal comes after MWEB’s much-anticipated development, which kept LTC transactions confidential and obscured a few key identifiers. Improvements were made earlier this year, about two years after the proposal was made.
After contacting the Litecoin Foundation to learn more about privacy-enhancing improvements, the crypto exchange decided to suspend the LTC service. Users have 30 days from the date of purchase to withdraw their LTC funds from the exchange.
Upbit reported the following:
“We decided to stop supporting Litecoin (LTC) transactions because it was found that the network upgrade’s optional capability that doesn’t reveal transaction information relates to anonymous transmission technology under the Specific Financial Information Act.”
Upbit and other major crypto markets issued a notice to investors last week of May, warning them of regulatory concerns related to private transactions.
The South Korean Financial Information Act is one of the strongest cryptographic laws in the world. As a result of the law, crypto trading should be strictly based on knowing your customer and how to combat money laundering. Anonymous activities are blocked.
The release of the LTC list was highly anticipated, especially after the exchange issued a warning earlier this year. A few other secret coins have been removed from the list for Korean trade.
Read more: South Korean crypto exchanges UpBit and Bithumb warns about Litecoin’s MWEB
 was delisted from major cryptocurrency exchanges in South Korea, just weeks after the privacy-focused){kind=link}