Crypto-currency exchange Binance has announced that it is ending support for Litecoin (LTC) transactions launched via the latest update from MimbleWimble (MWEB).
Binance has warned that any transaction sent through the MWEB feature will be lost because the crypto currency exchange cannot verify the sender’s address. The cryptocurrency exchange did not respond to Cointelegraph’s request for comments at press time.
The announcement comes days after major South Korean currency exchanges removed LTC from the list due to the latest upgrade that makes transaction information confidential.
MWEB’s upgrade to LTC is one of the crucial updates that went live earlier this year, almost two and a half years after it was first proposed. The upgrade added some privacy features and made the LTC blockchain more scalable.
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The decision to end support for the MWEB feature also comes at a time of controversy over the major cryptocurrency exchange. Reuters recently accused Binance of facilitating $ 2.5 billion worth of illicit transactions.
Binance CEO Chagpeng Zhao (CZ) denied all of these claims, citing data published by blockchain analytics firm Chainalysis.
Yesterday ‘s Reuters article is a huge waste of time and resources. This is the last one I will say on it, and the last one our team will interact with the writer.
The author continues to wear it as a badge of honor on Twitter when his pieces of fiction are checked after his publication.
– CZ Binance (@cz_binance) June 7, 2022
The article published by Reuters yesterday is a huge waste of time and resources. This is the last time I talked about it, and the last time our team interacts with the author. The author continues to wear it as a badge of honor on Twitter when the facts of his pieces of fiction are checked after their publication. – CZ Binance (@cz_binance) June 7, 2022
The U.S. Securities and Exchange Commission also opened an investigation into a breach of security regulation in relation to the 2017 sale of BNB ICO Binance.
The privacy feature that was considered a significant upgrade, turned out to be a bane for one of the oldest cryptocurrencies. The upgrade of MWEB comes at a time when regulatory oversight is at an all-time high and privacy aspects are a top priority for regulators worldwide.