Binance ends support for anonymous Litecoin transactions

Crypto change Binance introduced they’re ending assist for Litecoin (LTC) transactions despatched by the most recent MimbleWimble (MWEB) improve.

Binance warned that any transaction despatched by the MWEB perform could be misplaced for the reason that crypto change can’t confirm the sender’s handle. The crypto change didn’t reply to Cointelegraph’s request for feedback on the time of publishing.

The announcement comes simply days after main South Korean crypto exchanges delisted LTC as a result of newest improve, which makes transaction data confidential. The delisting got here simply weeks after 5 crypto exchanges issued warnings much like Binance. Nonetheless, the delisting didn’t come as a shock as S.Korea is thought for its strict privateness legal guidelines, which prohibit nameless transactions on crypto exchanges.

The MWEB improve on LTC is without doubt one of the crucial updates that went stay earlier this 12 months, practically two and half years after it was first proposed. The improve added a number of privateness options and made the LTC blockchain extra scalable.

Gate.io, one other standard crypto buying and selling platform, additionally ended assist for MWEB Litecoin transactions, claiming nameless transactions are usually not supported on the platform.

Associated: Crypto change Binance seeks crucial licenses in Philippines, CEO says

The choice to finish assist for the MWEB perform additionally comes at a time when the main crypto change has been marred in controversies. Binance was lately accused of facilitating $2.5 billion value of illicit transactions by Reuters.

Chagpeng Zhao (CZ), the CEO of Binance refuted all such allegations, pointing to the info launched by blockchain analytics agency Chainalysis.

The USA Securities and Trade Fee additionally opened a safety violation investigation relating to Binance’s BNB ICO sale in 2017.

The privateness characteristic that was seen as an essential improve has turned out to be a bane for one of many oldest cryptocurrencies. The MWEB improve comes at a time when thregulatory oversight is at its highest and privateness options have change into the first goal of regulators across the globe.