Korean cryptocurrency exchanges Upbit and Bithumb have announced via public notices to users that they are ditching Litecoin (LTC) cryptocurrency trading.

Upbit will stop trading litecoin pairs starting on June 20 and will give users one month from that date to withdraw their cryptocurrency.

While Bithumb has already stopped accepting Litecoin LTC deposits as of June 8, giving users until July 25 to withdraw their LTC.

Litecoin trading delisted in Korea due to “MimbleWimble” promotion:

South Korean cryptocurrency exchanges say the MimbleWimble upgrade does not comply with South Korean AML (Anti-Money Laundering) regulations.

They are joined by three other trading platforms in South Korea:

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Quinon, Corbett, and Jobax.

The five platforms simultaneously announced their delisting in an unprecedented format by the country’s cryptocurrency trading industry.

The delisting announcements from each company were similar.

South Korean regulatory authorities had already issued warnings about MWEB prior to its release, so this was not surprising.

Additionally, the privacy coins Monero (XMR) and Zcash (ZEC) have already been removed from trading in the Asian country.

According to observers, delisting litecoin trading is a collective action for the industry to please the government.

According to CoinMarketCap data, Litecoin has a total market capitalization of $3 billion.

Altcoin LTC has been affected by adverse price movements in the cryptocurrency markets recently and has fallen just as much, dropping by 15% on the day.

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Last November, the price of Litecoin peaked at $260, which means that it has lost 83% of its value since then.

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