They will be removing Litecoin from South Korean cryptocurrency exchanges, Bithumb and Upbit. This is due to improvements they make to the coin that allows for more anonymity while completing transactions.
Bithumb and Upbit explain in their LTC alert that they were discontinuing business assistance for the 20th-largest cryptos by market capitalization. It is because its freshly sensing Mimblewimble Extension Blocks system enhancement conflicts with South Korean anti-money laundering legislation.
Nevertheless, Upbit mentions that they will be offering Litecoin trading alternatives. This allows users to avoid disclosing transaction details. As a result, it increases the prospect that they will incorporate private transmission technology into the coin’s functioning.
Market assistance for Litecoin on Upbit will stop on June 20. Thus, they will be allowing their customer a month to remove cash from the platform.
Bithumb is acting more quickly. The exchange is highlighting its commitment to guarding its consumers. In addition, they will also establish a clean digital asset market in its delisting notification. It will prohibit clients from depositing Litecoin on June 8. Moreover, they will allow them until July 25 to completely remove their Litecoin from the marketplace.
Litecoin, however, is readily accessible through the most current major crypto exchanges in the United States. This is one of the very first coins to be officially accessible for acquisition through Robinhood in 2018. Nevertheless, the actions of South Korean exchanges may throw serious doubt on the coin’s foreseeable future.
Coinbase, Robinhood, Binance US, Kraken, Gemini, FTX US, and Crypto.com all presently provide Litecoin trading. Thus, they did not answer queries for reply promptly.
An Inadequately Guided Investigation
In the past, marketplaces have been wary of so-called privacy coins. They are using extensive privacy mechanisms to allow transactors to remain anonymous. The most popular privacy cryptocurrencies are Zcash and Monero. Both of which do have an aggregate market value of approximately $4.7 billion.
The secretive nature of operations utilizing this type of cryptocurrency makes it useful in illegal operations. Moreover, it is a potentially lucrative instrument for fraudsters and cybercriminals to wash their earnings.
According to previous Reuter’s investigations, Binance is using a conduit to launder $2.35 billion in money. Thus, Monero was the key to the accomplishment of unscrupulous individuals. These are the people who are attempting to clean their ill-gotten coins through the exchange.
In a release that they publish with Decrypt, Binance is labeling the research as woefully inaccurate. Accordingly, they just rely on outdated material from 2019 and unconfirmed personal affidavits as a crutch to build a misleading narrative.
Litecoin is one of the earliest and most well-known cryptocurrencies in 2017. It was one of the top three coins in terms of market capitalization. While it is presently accessible on almost all crypto exchanges in the United States, that might alter in the future if corporations take identical steps like Bithumb and Upbit.