South Korea’s largest cryptocurrency exchanges have begun removing litecoin (LTC) from their trading platforms. This follows the recent MimbleWimble Extension Block (MWEB) update for the cryptocurrency.
South Korean crypto exchanges have been subject to strict regulation since last year. Under the “Act on the Reporting and Use of Specific Financial Transaction Information,” these exchanges are no longer allowed to support anonymous transactions. The new law is part of stricter anti-money laundering measures.
Strict rules for privacy coins
That already caused all trading platforms in the country to remove privacy coins like monero (XMR) and zcash (ZEC) last year. Now that the Litecoin network has undergone a privacy update, these exchanges are forced to remove LTC as well. The 5 largest South Korean exchanges are removing LTC. They are Upbit, Bithumb, Coinone, Korbit and Gopax.