Litecoin (LTC) has been removed from some exchanges in South Korea. Since its last update, Litecoin has gained popularity as a privacy-centric crypto. This does not please the authorities.
Litecoin is very similar to Bitcoin. Although it is one of the top 20 cryptocurrencies in market capitalization, it was not a revolutionary project. It gained a reputation as the ideal crypto for fast transactions after branching off Bitcoin in 2013. LTC has been included in several major payment systems. PayPal allows LTC transactions on its platform, for example.
However, in recent months, Litecoin developers have been working to improve the network. The MimbleWimble upgrade had been in the works for two years. This new technology, unveiled in mid-May, allows network users to keep their transactions confidential, like Monero (XMR) and Zcash (ZEC).
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Mimblewimble turns LTC into a privacy currency in its own right. Users can hide their transactions so no one else can see the information. It makes Litecoin the most capitalized privacy-focused crypto.
Litecoin was delisted from regulated exchanges in South Korea.
After the developers released the Mimblewimble Extension Block protocol, the five cryptocurrency exchanges allowing South Korean fiat deposits were forced to remove Litecoins from their platforms.
These are Upbit, Bithumb, Coinone, Korbit, and Gopax. They all removed the LTC “at the same time,” according to News1. It is a first for the sector in this crypto-friendly country.
Upbit’s statement, identical to its competitors, says trading support will expire on June 20, and withdrawals will be allowed until July 20. According to CoinGecko statistics, Upbeat accounted for about 11% of Litecoin’s trading volume.