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Crypto alternate Binance announced they’re ending assist for Litecoin (LTC) transactions despatched by way of the latest MimbleWimble (MWEB) upgrade.
Binance warned that any transaction despatched by way of the MWEB operate could be misplaced because the crypto alternate can’t confirm the sender’s tackle. The crypto alternate didn’t reply to Cointelegraph’s request for feedback on the time of publishing.
The announcement comes simply days after major South Korean crypto exchanges delisted LTC because of the newest improve that makes transaction data confidential. The delisting got here simply weeks after 5 crypto exchanges issued warnings just like Binance. Nonetheless, the delisting didn’t come as a shock as S.Korea is understood for its strict privateness legal guidelines that prohibit nameless transactions on crypto exchanges.
The MWEB improve on LTC is among the vital updates that went reside earlier this yr, 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 fashionable crypto buying and selling platform additionally ended assist for MWEB Litecoin transactions, claiming nameless transactions will not be supported on the platform.
Associated: Crypto exchange Binance seeks critical licenses in Philippines, CEO says
The choice to finish assist for the MWEB operate additionally comes at a time when the main crypto alternate has been marred in controversies. Binance was lately accused of facilitating $2.5 billion worth 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 Reuters article yesterday is a big waste of time and sources. That is the final I will say on it, and the final our group will work together with the author.
The writer continues to put on it as a badge of honor on Twitter when his fiction items get fact-checked after he publishes.
— CZ Binance (@cz_binance) June 7, 2022
The USA Securities and Trade Fee additionally opened a Security violation investigation regarding Binance’s BNB ICO sale in 2017.
The privateness characteristic that was seen as an necessary improve, has turned out to be a bane for one of many oldest cryptocurrencies. The MWEB improve comes at a time when the regulatory oversight is at its highest and privateness options have turn out to be the first goal of regulators across the globe.
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