Following an update that allowed transactions to be sent anonymously, Bithumb (and Upbit) are two of Korea’s Big Four crypto-exchanges.
Litecoin’s activation privacy-focused technology Mimblewimble gives the Litecoin Blockchain a “confidential transactions” capability, Bithumb stated in a Monday post. This allows users to send tokens and hide transaction information. Upbit issued a similar warning today. As of yet, Coinone and Korbit, the two largest Korean exchanges in Korea, have not made any announcements.
Two exchanges referred to Korea’s Act on the reporting and use of specific financial transaction information, which requires crypto exchanges implement know-your customer (KYC), and anti-money laundering procedures (AML). After receiving such warnings, Korean exchanges are more likely to remove tokens from their lists.
Litecoin, one of the earliest competitors to bitcoin, was launched in 2011. According to CoinMarketCap, it is the 18th most valuable crypto token, with a market capital of more than $5 Billion. On May 20, 2018, the network introduced Mimblewimble. This was an idea first presented over two and a quarter years ago.
