Crypto trade Binanceannounced they’re ending help for Litecoin (LTC) transactions despatched by way of the most recent MimbleWimble (MWEB) improve.

Binance warned that any transaction despatched by way of the MWEB operate could be misplaced because the crypto trade can’t confirm the sender’s tackle. The crypto trade didn’t reply to Cointelegraph’s request for feedback on the time of publishing.

The announcement comes simply days after main South Korean crypto exchanges delisted LTC because of the newest improve that makes transaction data confidential. The delisting got here simply weeks after 5 crypto exchanges issued warnings just like Binance. Nevertheless, the delisting didn’t come as a shock as S.Korea is thought for its strict privateness legal guidelines that prohibit nameless transactions on crypto exchanges.

The MWEB improve on LTC is without doubt one of the essential updates that went stay earlier this yr, practically two and half years after it was first proposed. The improve added a number of privateness options and made the LTC blockchain extra scalable.

Gate.io, one other widespread crypto buying and selling platform additionally ended help for MWEB Litecoin transactions, claiming nameless transactions aren’t supported on the platform.

Crypto trade Binance seeks essential licenses in Philippines, CEO says

The choice to finish help for the MWEB operate additionally comes at a time when the main crypto trade has been marred in controversies. Binance was not too long ago accused of facilitating $2.5 billion price of illicit transactions by Reuters.

Chagpeng Zhao (CZ), the CEO of Binance refuted all such allegations, pointing to the information launched by blockchain analytics agency Chainalysis.

The Reuters article yesterday is a large waste of time and sources. That is the final I am going to say on it, and the final our crew will work together with the author.

The creator continues to put on it as a badge of honor on Twitter when his fiction items get fact-checked after he publishes.

— CZ Binance (@cz_binance) June 7, 2022

America Securities and Change Fee additionally opened a Safety violation investigation concerning Binance’s BNB ICO sale in 2017.

The privateness characteristic that was seen as an essential improve, has turned out to be a bane for one of many oldest cryptocurrencies. The MWEB improve comes at a time when the regulatory oversight is at its highest and privateness options have turn into the first goal of regulators across the globe.