• Korean cryptocurrency exchanges issue litecoin warnings regarding confidential transactions

  • Following an update that allows transactions to be sent confidentially, Bithumb and Upbit, two of Korea’s Big Four crypto exchanges that account for the majority of trading volume, have issued investment warnings about litecoin.

    The activation of privacy-focused technology by Litecoin Mimblewimble adds a “confidential transaction” capability to the Litecoin blockchain, allowing users to send tokens while concealing transaction information, according to a Monday post by Bithumb. Today, Upbit issued a similar warning. Korbit and Coinone, the other two major Korean exchanges, have yet to make any announcements.

    The two exchanges cited Korea’s Act on the Reporting and Use of Specific Financial Transaction Information, which mandates that cryptocurrency exchanges implement know-your-customer (KYC) and anti-money laundering (AML) procedures. Following such warnings, Korean exchanges typically delist tokens.

    Litecoin was launched in 2011 as one of the first bitcoin competitors. According to CoinMarketCap, it is the 18th largest crypto token in terms of value, with a market cap of more than $5 billion. On May 20, the network debuted Mimblewimble, an idea first proposed more than two and a half years ago.

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