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FIVE MAJOR SOUTH KOREAN CRYPTO EXCHANGE DELIST LITECOIN

Litecoin (LTC) is in the spotlight once again a few days after launching its Mimblewimble upgrade. As multiple South Korean crypto exchanges have announced plans to delist LTC.

According to an official press release from Upbit, they will be delisting Litecoin from their exchange, and 4 other cryptocurrency exchanges namely Bithumb, Coinone, Korbit, and Gopax, have followed suit as reported by Bimeiti-a local Korean news source.

The delisting is a result of the Mimblewimble upgrade which is against South Korea’s anti-money laundering regulations as the upgrade allows users to select opt-in privacy. South Korea has an aggressive stance against privacy coins and so the exchanges have been forced to delist LTC so as not to go against the regulatory guidelines.

The news of major delistings always puts pressure on the cryptocurrency involved and it was still the case for LTC as price action for the coin has been bearish since Tuesday.

Exchange users have been given 30 days to withdraw their LTC funds.

Featured image source: Bitcoin.com News

Comments

  • Avatar
    Cypto Touch
    June 14, 2022

    I am seeing a grave danger that may occur from this listing and delisting.
    It will cripple the entire Crypto economy.
    From LUNA to many others.
    The founders go scot free and nothing is done about it
    This is partially why crypto critics call for regulations.

    • Avatar
      Ohuka Chibuzor
      June 15, 2022

      The consequences of such is that a lot of persons might lose faith in the sustainability of the crypto market but one thing I believe should be done is prosecuting those behind money laundering projects.

      In this case though the delisting is a result of some set of rules as regarding the South Korean market hence we should know where to draw the line.

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