Some of South Korea’s largest cryptocurrency exchanges, Bithumb and Upbit, issued warnings to users regarding Litecoin (LTC) after the MimbleWimble Extension Block (MWEB) upgrade.
On May 20, in the Litecoin mainnet activated the protocol with scalable and privacy-enhancing features. It uses several technologies, including confidential transactions and CoinJoin, which hides the inputs and outputs of senders and recipients, and also aggregates multiple transactions into one.
The exchanges stressed that they operate in accordance with local law, which requires compliance with anti-money laundering and counter-terrorism financing measures.
According to the notice from Bithumb, its policy provides for delisting the asset if it “violates laws, government regulations, or financial authorities.” A similar statement was issued by Upbit.
Among the “Big Four” exchanges, Korbit and Coinone have not yet issued warnings.
As of writing, LTC ranks 18th in market capitalization with about $5.1 billion, according to CoinGecko.
In June 2021, Upbit delisted Paycoin, Maro, Observer, Solve.Care and Quiztok. In the same period Coinbit ceased trading eight “risky” assets and added another 28 to the list with investor warnings.
Earlier, several platforms halted trading of privacy-focused coins. In early 2021, the exchange Bittrex announced the delisting of Zcash (ZEC), Dash (DASH) and Monero (XMR). A similar move was taken by ShapeShift.
In February 2022, Litecoin announced the readiness of MWEB. In March they rolled out in the test network a new version of the Litecoin Core client 0.21.2, which includes MWEB and Taproot updates.
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