Binance Announces Suspension of Litecoin MWEB-based Transactions
- Several exchanges are delisting on their platforms, citing that the coin violates certain financial acts.
- Binance has also announced that LTC MWEB deposits and withdrawals will be suspended on their platform.
- In related news, LTC’s price dropped by double digits over the last 24 hours.
Following the recent MimbleWimble Extension Blocks (MWEB) upgrade made to Litecoin (LTC), several exchanges are delisting the coin on their platforms, citing that the coin violates certain financial acts. Now, Binance, the world’s largest crypto exchange by daily trading volume, has announced that it will be reducing its support for the coin as well.
Litecoin’s MWEB upgrade provides users the option to send confidential LTC transactions that do not reveal any information about the transaction.
In an announcement recently released by Binance, the platform announced that it will no longer support the deposit and withdrawal of LTC through the MWEB function. Binance is now the sixth exchange that has reacted to LTC’s MWEB upgrade after major South Korean exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax announced that they were delisting the coin.
The South Korean exchanges argued that the MWEB upgrade has made LTC transactions anonymous, which is against the country’s laws.
In related news, the price of LTC has tumbled by double digits over the last 24 hours, taking its weekly losses to above 30%, according to CoinMarketCap.
Currently, the price of LTC is $43.38, with a market cap of around $3.06 billion. This ranks it number 21 on CoinMarketCap’s list of biggest cryptos by market cap.