Two of Korea’s big four crypto exchanges, Bithumb and Upbit, issued warnings about investing in Litecoin after updating Mimblewimble Extension Blocks (MWEB).
MWEB provides transaction privacy in the Litecoin blockchain.
The exchanges pointed to the Korean Reporting and Use of Information on Specific Financial Transactions Act, which requires crypto exchanges to implement KYC and anti-money laundering (AML) procedures. Korean exchanges typically remove tokens after such warnings are issued.
According to Upbit, the exchange may not be able to accept confidential Litecoin transactions due to legal requirements.