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Major Korean exchanges delist Litecoin due to its new privacy features | The Blockarchive.ph/JqkaH
45 sats \ 8 comments \ @cryptocoin 8 Jun 2022 bitcoin
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45 sats \ 0 replies \ @moel 8 Jun 2022
We can expect a similar delisting of ₿ if we would ever integrate something similar 🤔
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41 sats \ 0 replies \ @KingZing 8 Jun 2022
the sad truth is no matter how decentralized a project is, including bitcoin, majority of the market still needs CEX for adoption.
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25 sats \ 1 reply \ @TheBTCManual 8 Jun 2022
Lol Litecoin finally pushes MW, looses korean liquidity ouch tough break, that's the issue with upgrading the base layer and not making privacy and speed optionality pulled into different layers
Not that I care about Upbit in the slightest, I just think things like payjoins make more sense to sucker in exchanges to add more layers of privacy.
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10 sats \ 0 replies \ @P2P_bitcoin 8 Jun 2022
There's still P2P trading. The only non-custodial, KYC-Free P2P trading platform that supports Litecoin is LocalCryptos.com.
There's a surprisingly high amount of LTC/USD trading (and for many other fiat currencies too) with decent spreads (well, decent, for P2P trading).
Because of the low network trx fees w/ Litecoin, that coin is sometimes what buyers will use to "on-ramp", and then use a swap service to convert into some other coin (e.g., using (e.g., coinswap.click, that LTC can be converted to bitcoin on Lightning network ⚡), or deposit the LTC to a "crypto" exchange and do whatever from there.
There aren't any LTC/KRW offers yet (either buy or sell) currently, but I suspect that pair too will see some liquidity found on LocalCryptos as a result of these delistings.
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20 sats \ 0 replies \ @south_korea_ln 9 Jun 2022
Similar privacy can be obtained using certain Rollups on Ethereum, yet one doesn't see the latter being banned from exchanges...
(not my own words)
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0 sats \ 1 reply \ @cryptocoin OP 8 Jun 2022
On May 20, Litecoin developers activated a privacy-preserving protocol on the coin, called MimbleWimble Extension Blocks (MWEB). This MimbleWimble update will allow Litecoin to conceal transactional data yet maintain its ability to process a lot of transactions quickly.
Upbit stated that the reason for delisting Litecoin relates to Anti-Money Laundering (AML) rules that require exchanges to record data on crypto transactions. According to its delisting notice, given the nature of the Mimlewimble privacy protocol, the exchange will no longer support Litecoin transfers and the coin will be removed from the exchange.
Upbit will stop support for Litecoin on 20 June, and give users a month to withdraw their funds, per its announcement.
Similarly, Bithumb stated that it will stop all Litecoin deposits from June 8. It has given users until July 25 to withdraw their Litecoin, after which time withdrawals will no longer be supported.
"Bithumb decides to terminate transaction support for virtual assets in accordance with the revised Act on Reporting and Use of Specific Financial Transaction Information, in compliance with regulations on virtual assets with high anonymity," the exchange said in its delisting notice.
According to crypto news site 8 BTC, three other exchanges including Coinone, and Korbit and Gopax have also notified users of removing Litecoin markets.
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0 sats \ 0 replies \ @cryptocoin OP 8 Jun 2022
The link for this post is using an archive for the article on The Block's website. An archive has no paywall, no subscription requirement, and can be easier to read. The original article, on The Block's website is:
Major Korean exchanges delist Litecoin due to its new privacy features https://www.theblockcrypto.com/post/150799/major-korean-exchanges-delist-litecoin-due-to-its-new-privacy-features
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0 sats \ 0 replies \ @cryptocoin OP 8 Jun 2022
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