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Binance Announces To End Support For LTC Transactions Sent Via MimbleWimble Upgrade

Binance, a noticeable crypto exchange, declared that they are terminating support for those transactions in Litecoin (LTC) that are done through the exclusive MimbleWimble (MWEB) upgrade. The consumers have been cautioned by the exchange that any transfer carried out via the MWEB operation would be gone forever as it is not in the hand of Binance to certify the address of the sender.

The declaration is witnessed only days following the prominent crypto exchanges within South Korea delisted LTC because of the latest upgrade in which the information of any transfer is kept confidential. The delisting was done only weeks following the issuance of a warning by 5 crypto exchanges just like Binance. Nonetheless, the delisting is not considered a surprise in South Korea as the country is known to have stringent privacy laws to restrict anonymous transfers via cryptocurrency exchanges.

LTC’s MWEB upgrade is counted among the significant updates that were implemented in this year’s start, approximately a couple and a half years following its initial proposal. In the respective upgrade, many privacy features are also included that bring more scalability to the LTC blockchain. Another famous crypto trading venue, Gate.io, also terminated supporting MWEB Litecoin transfers, asserting that the forum does not support anonymous transfers.

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The decision by the well-known crypto exchange to conclude support regarding the MWEB upgrade is additionally witnessed at a point when several controversies have been engulfing the prestigious crypto exchange for a considerable time. In the previous days, Reuters alleged Binance of assisting the illegal transfers of up to $2.5B worth. The entirety of these accusations has been right away negated by Binance’s CEO Changpeng Zhao (CZ), while he referred to the data issued by Chainalysis (a blockchain analytics company).

CZ, in his Twitter post that was shared on 7th June, noted that it was pointed out by Chainalysis that 0.15% of the entirety of the crypto transfers in the previous year were linked to some illegal operation. He further mentioned that $800 billion to $2 trillion was related to some illegal operations. That is the reason, he asserted, they (Reuters) should present real figures

The Securities and Exchange Commission (SEC) of the United States also started an investigation on the BNB ICO sale by Binance in 2017 to check for a likely Security infringement. The privacy-related feature (that was considered to be a noteworthy upgrade) proved to be a trouble for one of the earliest cryptocurrencies.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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