Binance warned that any transaction sent through the MWEB function would be lost since the crypto exchange can’t verify the sender’s address. The crypto exchange didn’t respond to Cointelegraph’s request for comments at the time of publishing.
The announcement comes just days after major South Korean crypto exchanges delisted LTC due to the latest upgrade that makes transaction information confidential. The delisting came just weeks after five crypto exchanges issued warnings similar to Binance. However, the delisting didn’t come as a surprise as S.Korea is known for its strict privacy laws that prohibit anonymous transactions on crypto exchanges.
The MWEB upgrade on LTC is one of the critical updates that went live earlier this year, nearly two and half years after it was first proposed. The upgrade added several privacy features and made the LTC blockchain more scalable.
Gate.io, another popular crypto trading platform also ended support for MWEB Litecoin transactions, claiming anonymous transactions are not supported on the platform.
The decision to end support for the MWEB function also comes at a time when the leading crypto exchange has been marred in controversies. Binance was recently accused of facilitating $2.5 billion worth of illicit transactions by Reuters.
Chagpeng Zhao (CZ), the CEO of Binance refuted all such allegations,…