Binance Will Limit Litecoin Deposits and Withdrawals Using Crypto’s New Privacy Features
Main page News, Litecoin, Cryptocurrency Exchanges, Binance

Cryptocurrency exchange Binance has just announced it will not allow Litecoin deposits and withdrawals using the cryptocurrency's new privacy feature.

The MimbleWimble Extension Block (MWEB) update has recently included enhanced privacy capabilities in the Litecoin network. In particular, the protocol uses several technologies, including confidential transactions and CoinJoin, which hides information about senders and receivers, and also combines many transactions into one.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

Binance has warned this could lead to a loss of funds, as the exchange would not be able to identify the sender or recipient to return them.

According to the release:

"To ensure security of your funds, please do not deposit LTC through the MWEB function."

Major South Korean exchanges have previously announced they may delist the asset because the cryptocurrency's new functionalities violate local law.

Read also:
Please describe the error