According to local South Korean sources, crypto exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax announced today that they have stopped trading LTC on their platforms, citing the activation of the MimbleWimble Extension Block (MWEB) update on the Litecoin network.
In its announcement, Upbit said:
“We are announcing the end of transaction support for Litecoin (LTC). In accordance with Upbit Digital Asset Transaction Support Termination Policy, to protect interested investors, it will end LTC transaction support on 20.06.2022. Even though market support has ended, Upbit will continue for 30 days after market support ends. will support the withdrawal service. If you want to withdraw money, please do so before 20.07.2022."
With the MimbleWimble update, Litecoin (LTC) features a privacy-focused crypto asset alongside extensive scaling. South Korean exchanges do not allow the trading of privacy-focused crypto assets, citing the country's Private Financial Information Act, as part of measures such as anti-money laundering and avoidance of illegal financing. Cryptocurrency exchanges have removed privacy-oriented cryptocurrencies from their platforms in the past.
South Korea is among the countries that follow the strictest policy on crypto money regulations. Due to the Private Financial Information Act in force in the country, crypto exchanges cannot allow anonymous transactions and must have detailed information about their customers. In addition, crypto exchanges are obliged to regularly implement policies to prevent money laundering.
Litecoin price remained almost unresponsive to this negative development. Besides, LTC has already suffered serious depreciation in recent months. With a drop of up to 9 percent on a weekly basis, LTC has lost 80 percent from its peak of $295 in November. Moving at low levels, LTC has returned to the levels it was in in November 2020 with its current price.
Litecoin (LTC), which remains among the top 20 cryptocurrencies with a market value of $ 4.37 billion, is at $ 62 with a 1.23 percent increase in the last 24 hours.