Home » XRP Starts Getting Delisted by Exchanges

XRP Starts Getting Delisted by Exchanges

by Lisa Zheng
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XRP token has begun to bear the brunt of the much controversial and talked about US SEC Lawsuit filed against Ripple a few days ago. While the company attracted much ire from the cryptocurrency industry for its defensive stance, the real consequences have started to show now.

Major cryptocurrency exchanges have delisted XRP tokens for trading, alienating them from Ripple.

XRP Price Plummets as Exchanges Delist

The United States Securities and Exchanges Commission filed a lawsuit against Ripple for running unregistered securities in the country, which impacted the price of the token badly. Just yesterday, the Co-founder of Ethereum called out the Ripple team for addressing Bitcoin and Ether as ‘Chinese controlled cryptocurrencies.’

Now four crypto trading firms have stopped XRP trading on their platforms. Bitwise Assets Management, OSL, Cross tower, and Beaxy are the exchanges that have halted the trading and any activities related to XRP. The price of the XRP token plummeted badly by a whopping 41 percent on the Binance exchange after the lawsuit was announced.

The exchanges have bid adieu to XRP token to avoid any action from the US regulatory authorities, which are speculating XRP token for legal compliance over the trading of unregistered securities. There has been quite a furor among the US regulators who have called out for considering XRP as a Security, while Ripple affirms that XRP is an open-source digital asset.

As per SEC, “Ripple pays exchanges to sell and buy XRP tokens on the platforms which Ripple paid these platforms a fee, typically in XRP, to permit the buying and selling of XRP on their systems and sometimes incentives for achieving volume metrics.”

 The law experts opine that the exchanges listing XRP may have problems if the Ripple token is considered a security.

Bitwise Assets Management was quick to announce delisting XRP and liquidated the XRP tokens in its Index Fund. The Bitwise Index fund aid that they do not invest the cryptocurrencies, which are considered as Security by any government law. The company firmly liquidated its XRP since the SEC Lawsuit considers XRP as a security.


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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