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Litecoin MimbleWimble Delisted by Several Exchanges for Being Too Privacy-Protecting

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Korean crypto exchanges Upbit and Bithumb have announced in public notices to users that they are phasing out Litecoin (LTC). Upbit will stop trading Litecoin pairs on June 20 and will give users one month to withdraw the asset. Bithumb has already stopped accepting LTC deposits since June 8th. In addition, the exchange gives users the opportunity to withdraw LTC funds until July 25th.

Litecoin MimbleWimble Edition delisted in Korea

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The companies say that the MimbleWimble Extension Blocks update does not comply with South Korean AML (anti-money laundering) regulations. They were joined by three more cryptocurrency exchanges in South Korea: Coinone, Korbit and Gopax. five platforms announced their delisting at the same time with unprecedented coordination from the country’s cryptocurrency industry.

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The delisting announcements from each company were the same. Regulators in South Korea were warning about MWEB even before it was released, so this is not surprising. In addition, the Asian country has already removed the Monero (XMR) and Zcash (ZEC) privacy coins.

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However, the delisting of Litecoin is reportedly a matter of collective action by the industry to please the government. Lawmakers have called five exchanges to explain their lack of coordination on delisting Terra Luna. Litecoin is the first cryptocurrency to be initiated by the joint delisting committee.

Litecoin has been touting new privacy features in the MWEB fork for some time now. In addition to improving performance to solidify its value proposition as a faster, lower fee option for Bitcoin (BTC), it protects privacy.


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The world’s largest cryptocurrency exchange Binance also spoke out on this issue. indication that it will stop supporting withdrawals and deposits of Litecoin transactions wishing to use the MWEB feature.

Litecoin price, market cap and forecast on Thursday

As of today, Litecoin (LTC) has a total market capitalization of $3 billion, according to CoinMarketCap data. Altcoin has also felt the adverse price movement in the cryptocurrency markets recently, falling by 15% on the day. Moreover, LTC has retraced about 50% from last month when it was above $80.

Last November, the asset peaked at $260, meaning it has since lost a whopping 83% of its value.

It is a proof-of-work consensus mechanism, a bitcoin fork, that offers users some compromises over bitcoin. Quantity LTC addresses as well as deals and hashrate continue to grow, assuming it is a healthy blockchain.

Delisting in South Korea robs the coin of some liquidity, but it’s a compromise the Litecoin community has made for its blockchain value. In addition, the new privacy features of MWEB bring really new features to crypto that can lead to new users.

Moreover, Litecoin (LTC) proponents may view the delisting as good marketing for MimbleWimble. In addition to attracting the attention of the crypto community, the delisting highlights the seriousness of the privacy solutions that MimbleWimble implements for users of the LTC blockchain. They really work. They are banned in Korea.

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Credit : cryptopotato.com

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