December 5, 2023

Bithumb and Upbit Allow Litecoin Delisting After MimbleWimble Update

Bithumb and Upbit Allow Litecoin Delisting After MimbleWimble Update

One of the largest crypto exchanges in South Korea, Bithumb and Upbit, have issued warnings to users regardingLitecoin (LTC) after MimbleWimble Extension Block (MWEB) upgrade.

On May 20, Litecoin mainnet activated the protocolwith wide scalability and increased privacy. It uses several technologies, including confidential transactions and CoinJoin, which hides the inputs and outputs of senders and receivers, and also combines many transactions into one.

The exchanges emphasized that they operate in accordance with local legislation. It requires the implementation of measures to combat money laundering and the financing of terrorism.

According to Bithumb, its policy is to delist an asset if it “violates laws, government or financial regulations.” Upbit made a similar statement.

The Big Four exchanges Korbit and Coinone have not yet issued warnings.

At the time of writing, LTC ranks 18th in the ranking of the largest crypto assets by capitalization with $5.1 billion, according to CoinGecko. 

In June 2021, Upbit delistedPaycoin, Maro, Observer, Solve.Care and Quiztok. At the same time, Coinbit ceased circulation of eight "risk" assets and included 28 more in the list with a warning to investors.

Previously, several trading platforms have been discontinuedtrading in privacy-oriented coins. At the beginning of 2021, the Bittrex exchange announced the delisting of Zcash (ZEC), Dash (DASH) and Monero (XMR). A similar decision was made in ShapeShift.

Recall that Litecoin developers announcedMWEB readiness in February 2022. In March, they deployed a new version of the Litecoin Core 0.21.2 client to the testnet, which includes updates to MWEB and Taproot.