Bithumb and Upbit, two Korean crypto exchanges, announced that they would cease trading Litecoin (LTC) in public notices to their users. Upbit will cease trading pairs with Litecoin from June 20th, and users have one month to withdraw the asset. As of June 8, Bithumb had stopped accepting LTC deposits. The exchange also allows users to withdraw LTC funds until July 25th.
Korea: Litecoin MimbleWimble Edition delisted
According to the companies, the MimbleWimble Extension Blocks upgrade is not compliant with South Korean AML regulations (anti-money laundering). Three other South Korean crypto exchanges joined them: Korbit, Coinone, and Gopax. In unprecedented coordination with the country’s crypto industry, the five platforms also announced their delisting.
Each company made similar delisting announcements. It is not surprising that South Korean regulators have warned about MWEB from before it was released. Privacy coins Monero and Zcash (ZEC), have been taken out of the Asian country.
According to reports, Litecoin’s delisting was a result of collective industry action to satisfy government. Lawmakers summoned five exchanges to explain the lack of coordination in delisting Terra Luna. Litecoin is now the first crypto that the joint delisting committee has taken action.
Litecoin has been promoting the new privacy features in MWEB fork since a while. It protects your privacy and offers performance improvements to enhance its value proposition as a faster, cheaper Bitcoin (BTC).
Binance, the world’s biggest crypto exchange, also commented on the matter. It indicated that it would no longer support withdrawals or deposits of Litecoin transactions which use the MWEB feature.
Outlook Thursday: Litecoin Market Cap, Price and Outlook
According to CoinMarketCap data, Litecoin (LTC), has a market capitalization totaling $3 billion as of today. Altcoin has also been affected by the negative price movements in crypto markets, with a 15% drop on the day. LTC has also retraced roughly 50% from last month, when it was above $80.
The asset’s peak value was $260 in November 2013. It has lost 83% since then.
It is a proof of work consensus mechanism, Bitcoin fork blockchain. This allows users to trade off some features against Bitcoin. It’s a healthy and growing blockchain. The hashrate, transactions and LTC addresses continue to rise.
Although South Korea’s delisting of Litecoin will reduce the coin’s liquidity, it is a tradeoff that the Litecoin community made in order to protect its blockchain values. The new privacy features in MWEB bring new functionality to crypto, which could lead to new users.
Litecoin (LTC), supporters might consider the delistings to be good marketing for MimbleWimble. The delistings not only attract attention from the crypto community but also highlight the seriousness and importance of privacy solutions MimbleWimble provides for LTC users. They work. They are banned in Korea.
Marla Brooks – Financial Analysis
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