Bithumb and Upbit issued investment warnings about Litecoin following its new update
With the MWEB Litecoin update, the cryptocurrency becomes more private and focuses more on its on-chain security. However, Litecoin’s future on centralized exchanges looks shady with implementing new technology.
Litecoin could be delisted from large cryptocurrency exchanges because of this update
Bithumb and Upbit, two of South Korea’s Big Four crypto exchanges that account for most trading volume, have issued an investment warning about Litecoin following an update allowing transactions to be sent confidentially.
Enabling Litecoin’s Mimblewimble privacy-focused technology brings “confidential transaction” capabilities to the Litecoin blockchain, allowing users to send tokens while hiding transaction information. Upbit also issued a similar warning today. Two other major South Korean exchanges, Korbit and Coinone, have yet to make announcements.
The two exchanges pointed to Korea’s Act on the Reporting and Use of Specific Financial Transaction Information, a policy that requires crypto exchanges to implement Know-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures. Korean exchanges tend to delete tokens after giving such warnings.
Litecoin was launched in 2011 as one of Bitcoin’s earliest competitors. It is the 18th largest crypto token by value, with over $5 billion market capitalization. The network introduced Mimblewimble, an idea first proposed more than two and a half years ago, on May 20.
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