South Korean exchanges banned anonymous transactions for Litecoin owners
The largest crypto exchanges in South Korea, Bithumb and Upbit, have warned LTC owners about blocking confidential transactions that violate KYC and AML rules. Bithumb and Upbit have officially warned against transactions using Mimblewimble technology, which provides privacy on the blockchain. The use of anonymous transactions violates Korean reporting laws and regulators’ requirement for crypto exchanges to implement know-your-customer (KYC) and anti-money laundering (AML) procedures. Crypto exchange representatives warned that deposits created using Mimblewimble privacy…
