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South Korean exchanges to remove Litecoin after its network update

South Korean exchanges to remove Litecoin after its network update

New privacy features make cryptocurrency transactions illegal in the country.

According to Upbit, crypto exchanges announced the delisting of Litecoin cryptocurrency due to an update to its network. On May 20, developers activated the MimbleWimble Extension Blocks protocol, which allows for hiding transaction data. This feature caused problems for local marketplaces that operate within the law.

Upbit justified the delisting by the need to follow anti-money laundering (AML) regulations, which require recording data on crypto transactions. Altcoin support will be terminated on June 20, allowing users to withdraw their funds within a month.

Bithumb suspended all Litecoin deposits as of June 8. Users will be able to withdraw their crypto assets until July 25.

According to the 8 BTC website, other local crypto exchanges such as Coinone, Korbit, and Gopax also notified users about Litecoin delisting.

Litecoin is one of the oldest cryptocurrencies, it was released in 2011. Currently, it ranks twentieth in the list of the largest cryptocurrencies in terms of capitalization. The market valuation of the altcoin reaches $4.3 billion.

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