Major crypto exchanges in South Korea have delisted Litecoin (LTC) several weeks after flagging its privacy-focused MimbleWimble (MWEB) upgrade.
LTCUSD down -3.23%, BTCUSD down -2.97%
UPbit cited the law on the reporting and use of specific financial transaction information, which bans anonymous transactions, as the key reason for banning support for LTC.
The delisting comes after the long-awaited MWEB upgrade that made all LTC transactions private, hiding the key identifies. The upgrade was released almost two years after its first proposal.
Five major South Korean crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, now delists LTC from their platform.
UPbit and other crypto exchanges issued a warning for investors in the final week of May, advising them on the regulatory risks associated with confidential transactions.
South Korea has some of the most stringent crypto regulations globally, and the Specific Financial Information Act is one of the strict laws.