Binance will not support Litecoin (LTC) deposits and withdrawals via the MimbleWimble Extension Block privacy feature

The cryptocurrency exchange Binance will not support deposits and withdrawals of Litecoin (LTC) using the privacy feature.

#Binance will not support the deposits and withdrawals of @litecoin $LTC utilising MimbleWimble Extension Blocks (MWEB).https://t.co/YZRrIgXJzF

— Binance (@binance) June 13, 2022

Wider scalability and enhanced privacy features emerged after the activation on the Litecoin mainnet of the MimbleWimble Extension Block (MWEB) update. The protocol employs several technologies, including confidential transactions and CoinJoin, which hides the inputs and outputs of senders and recipients, as well as aggregating multiple operations into a single one.

Binance warned that this could put funds at risk, as the exchange would not be able to identify the sender or recipient for their return.

To safeguard the security of your funds, please do not deposit LTC via the MWEB feature,

Earlier, major South Korean exchanges заявили about the possibility of delisting the asset, citing violations of local law.

In June, the Upbit platform Upbit предупредила пользователей that it would delist LTC and advised withdrawing funds by July 20.

As reported, Elliptic added on the platform tools to track Litecoin transactions on the blockchain after the activation of MWEB.

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