South Korean Crypto Exchanges Warn on Litecoin Transactions

Bithumb and Upbit, two major South Korean cryptocurrency exchanges, have issued warnings on Litecoin (LTC) over confidential transactions performed on its latest update.

Both exchanges cited South Korea’s Act on the Reporting and Use of Specific Financial Transaction Information, a policy requiring crypto exchanges to conduct know-your-customer (KYC ) and anti-money laundering (AML ) procedures. These warnings tend to be followed by delistings on South Korean exchanges.

However, the crypto exchanges have not hinted yet at the possibility of delisting the cryptocurrency as of press time.

In 2011, Litecoin became one of the earliest rivals to Bitcoin (BTC). According to CoinMarketCap, it is the 18th biggest crypto asset in terms of value, with a market capitalization of more than $5 billion.

Exchanges' Statements

“After the designation of a significant item, Upbit will generally conduct a detailed review of the relevant digital asset to determine whether to extend, release, or terminate the final transaction support. If the reason for the designation of a significant item is not fully explained during the review period, Upbit will notify the end of the transaction support through a separate notice, and the exact transaction support end schedule will be announced through the transaction support end notice,” Upbit commented in a statement.

Bithumb pointed out the following: “In order to protect our users and investors, ‘To delist digital assets that are against the regulations or guidelines provided by the government and financial regulatory authorities’ is also included in Bithumb’s listing policy. Based on ‘To be compliant with related regulations and laws' and 'Internal policies in order to protect investors,’ Bithumb decides to designate the above assets as investment warning assets and will make the final decision on whether to end the transaction support.”

No comments have been made yet from the Litecoin Foundation about the matter as of press time.

Bithumb and Upbit, two major South Korean cryptocurrency exchanges, have issued warnings on Litecoin (LTC) over confidential transactions performed on its latest update.