Bithumb and Upbit, two of Korea’s largest crypto-asset trading platforms, have issued a warning about Litecoin after an update that allows transactions to be sent privately.
Bithumb issued a warning today about Litecoin activating privacy-focused technology Mimblewimble. A similar warning came from the Upbit exchange. In the aforementioned warnings, he said that Mimblewimble gave the network a “secret transaction” capability and allowed users to send tokens by hiding transaction information.
In their warnings, these exchanges pointed to Korea’s Law on the Reporting and Use of Certain Financial Transaction Information, which requires the implementation of Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
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