Major cryptocurrency exchanges may ban Litecoin

With the introduction of the MWEB update, the Litecoin cryptocurrency is becoming more private. Most cryptocurrency investors welcome the update, however, centralized and regulated cryptocurrency exchanges in countries such as South Korea may initiate the delisting process due to potential legal issues.

The main problem with the new update, which is activated on block 2 257 920, is the increased privacy between the sender and recipient in the transaction. MWED opens up the possibility of sending «confidential» transactions that hide the amount sent. In essence, this makes it impossible to track the amount sent and, as a result, is not taxed.

Functions similar to anonymous transactions are available in the Monero cryptocurrency, which is also prohibited by the most centralized cryptocurrency exchanges.

According to a statement from the Upbit crypto exchange, the exchange always strives to prevent money laundering, so they will have no choice but to delist Litecoin if they see deposits on the exchange through Mimblewimble’s update technology.