Bithumb and Upbit, two of Korea’s 4 main crypto exchanges that account for the majority of buying and selling quantity, have issued funding warnings on Litecoin following an replace that permits transactions to be despatched confidentially.
Litecoin’s enablement of privacy-focused know-how Mimblewimble brings a “confidential transaction” functionality to the Litecoin blockchain, permitting customers to ship tokens whereas hiding transaction info, Bithumb mentioned in a publish Monday. Upbit additionally issued the same warning at the moment. The opposite two main Korean exchanges, Korbit and Coinone, have but to make any bulletins.
The 2 exchanges pointed to Korea’s Regulation on Reporting and Use of Particular Monetary Transaction Data, a coverage that obliges crypto exchanges to implement know-your-customer (KYC) and anti-money laundering (AML) procedures. Korean exchanges are inclined to delist tokens after such warnings.
Litecoin was launched in 2011 as one in every of Bitcoin’s earliest rivals. In response to CoinMarketCap, it’s the 18th largest crypto token by worth with a market cap of greater than $5 billion. The community unveiled Mimblewimble on Could 20, an thought first proposed greater than two and a half years in the past.