The two exchanges cited Korea’s Act on the Reporting and Use of Specific Financial Transaction Information, a law that requires crypto exchanges to put in place KYC and AML systems.
The recent privacy-focused MimbleWimble upgrade on the Litecoin (LTC) blockchain has prompted two of Korea’s largest crypto exchanges to issue investment warnings about the fifth-largest cryptocurrency.Bithumb and Upbit, which together account for the majority of trading volume in South Korea, released statements on Monday, advising investors about the risks associated with the privacy-enhancing upgrade. Litecoin’s use of privacy-focused technology Mimblewimble allows users to make „confidential transactions,” which allow them to send tokens while concealing transaction data, according to Bithumb. In addition to that, Upbit issued a similar statement.The two exchanges cited Korea’s Act on the Reporting and Use of Specific Financial Transaction In
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