Digital Exchange Upbit ends Transaction Support for Litecoin

Key Takeaways

  • Upbit states the termination is due to LTC’s non-compliance with the Specific Financial Information Act. 
  • After the issual of termination notice, services including airdrops, wallet upgrades, and hard forks for digital assets will no longer be supported.

Leading digital exchange firm Upbit announced the end of transaction support for Litecoin (LTC). LTC transaction support will be terminated on 2022-06-20 11:00 to protect investors, according to the official notice.

The statement cites that when the transaction support ends, the orders (buy/sell) that were requested before the end of the transaction support in the market will be canceled. The exchange firm further added that after the issue of termination notice services including airdrops, wallet upgrades, and hard forks for digital assets will no longer be supported. 

Upbit stated that it is trying to comply with the Specific Financial Information Act and is working to end money laundering and public intimidation financing. The act works on establishing a sound and transparent financial system providing for matters concerning reporting on and use of specified financial transaction information necessary to regulate money laundering and financing of terrorism through financial transactions.

According to the Upbit official statement the contents of the MimbleWimble Extension Blocks network upgrade carried out by LTC foundation was done with a selection function that does not rightly expose transaction information. On May 23, 2022, LTC was designated as a significant item, as it was judged that anonymous transmission technology was added.

Upbit further adds that after a detailed review process for the anonymous transmission technology, the firm decided to end the transaction support for Litecoin (LTC). The reason for termination according to Upbit is that the optional function does not expose transaction information included in the network upgrade which corresponds to the anonymous transmission technology under the Specific Financial Information Act.

The digital exchange firm further urged its members to withdraw their above digital assets before 2022-07-20. Upbit noted that according to the Termination Policy of Market Support for Upbit Digital Asset, it will support withdrawal service for the next 30 days from the day termination of market support is executed. Litecoin is a leading peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license while Upbit is a South Korean crypto agency founded in the year 2017.

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Saniya Raahath

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