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

651

1 min

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.

Binance Blog

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).

Author: