South Korean exchanges will remove Litecoin after updating its network

Posted 09 June, 2022

Crypto exchanges Upbit and Bithumb (among the largest in South Korea) have announced the delisting of the Litecoin cryptocurrency due to the renewal of its network. On May 20, the developers activated the MimbleWimble Extension Blocks protocol, which allows you to hide transaction data. This feature has created problems for local trading platforms that operate within the framework of legislation.

Upbit explained the delisting by the need to follow the anti-money laundering (AML) rules, which require recording data on crypto transactions. Altcoin support will be discontinued on June 20, users will be able to withdraw funds within a month.

Bithumb will suspend all Litecoin deposits from June 8. Users will be able to withdraw their cryptocurrency until July 25.

According to the 8 BTC website, other local crypto exchanges Coinone, Korbit and Gopax have also notified users about Litecoin delisting.

Litecoin is one of the oldest cryptocurrencies, it was released in 2011. Now it occupies the twentieth place in the list of the largest by capitalization. Altcoin's market valuation reaches $4.3 billion.

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