Major Korean Exchanges Delisting Litecoin Subject to New Privacy Feature Concerns

Major crypto exchanges in South Korea, including Upbit, Bithumb, Coinone, Korbit, and Gopax, have announced their intention to delist Litecoin from their trading services subject to the new privacy-based MimbleWimble upgrade on the Litecoin blockchain.　　The idea of delisting has been brewing for a while. On May 20, Litecoin developers activated a privacy-preserving protocol called MimbleWimble Extension Blocks (MWEB) on the cryptocurrency. The new MimbleWimble update has added a ‘confidential transactions’ feature to the Litecoin blockchain, allowing users to transfer coins while concealing transactional data.　　But South Korean crypto exchanges have not been comfortable with the new upgrade because they have to comply with strict laws regarding privacy coins.　　A few days later on May 23, Upbit and Bithumb informed investors about the risk associated with Litecoin following the MimbleWimble upgrades. The two exchanges referred to Koreas Act on the Reporting and Use of Specific Financial Transaction Information, which mandates that cryptocurrency exchanges must comply with KYC and AML measures.　　More further developments have continued to unfold. Upbit announced yesterday that it would delist Litecoin because of the anti-money laundering rules that require exchanges to record data on cryptocurrency transactions. Upbit stated that because of the nature of the Mimblewimble privacy protocol, it will