Binance will not support Litecoin deposits and withdrawals through MWEB
The crypto exchange has warned that any LTC transactions made using the privacy function will lead to the loss of funds

13.06.2022 - 10:35
293
1 min
0
What’s new? Cryptocurrency exchange Binance has announced that it will not support the deposits and withdrawals of Litecoin (LTC) using the MimbleWimble Extension Blocks (MWEB) function, which increases transaction privacy. Binance warned that LTC transactions will result in the loss of funds, as the platform will not be able to identify the sender to recover them. The crypto exchange has urged customers not to deposit cryptocurrency using the MWEB privacy function.
What is known about MWEB? It is a protocol with a Proof-of-Work (PoW) consensus algorithm that allows transaction data to be hidden. It also has extensive scalability capabilities. MWEB was created in July 2016 by a group of anonymous developers. An upgrade to the Litecoin mainnet was launched on May 20, 2022.
On June 8, South Korean crypto exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax delisted LTC because of the MWEB upgrade. The cryptocurrency stopped complying with the regulators’ rules, such as know your customer and anti-money laundering (KYC and AML).
Useful material?
Basics
Why Satoshi Nakamoto’s technical manifesto for a decentralized money system matters
Oct 31, 2022
Basics
How to track fluctuations correctly and create an effective income strategy
Sep 13, 2022
Basics
Review of the most profitable offers from proven trading platforms
Aug 29, 2022
Basics
The Ethereum Foundation team has published a breakdown of major misconceptions about the upcoming network upgrade
Aug 18, 2022
Basics
What benefits the exchange offers, and what else is in the near future
Aug 4, 2022
Basics
Let's take a look at the varieties of this new form of management and its earning potential
Aug 1, 2022