Lawsuits, subpoenas, and other legal actions taken against an organization always negatively impact it. Same in the case of Ripple vs. SEC (the United States Securities and Exchange Commission) lawsuit. Bitbuy, the Canadian crypto exchange platform, has decided to delist $XRP on January 13, 2020.
Bitbuy’s XRP delisting Notice
The Canada-based crypto trading platform, Bitbuy, has cited “consideration for new regulatory requirements for Canadian cryptocurrency platforms.”
“Please note that as of January 13th, 2022 9:00 am EST you will no longer be able to trade XRP/CAD or XRP/BTC markets and you will no longer be able to make new XRP deposits to your Bitbuy account wallet.”– Bitbuy noted while declaring the delisting.
The exchange platform is persuading its users to withdraw any XRP tokens they hold prior to the delisting. However, they will still be able to withdraw them for a “grace period of 30 days,” but they won’t perform any trading activities then. Moreover, the forum is expected to replace XRP with seven new and unnamed coins.
The specific reason mentioned was that Section 20 of the Ontario Securities Commission required them to “apply policies and procedures to determine whether a crypto asset is a security or a derivative.” SEC and Ripple lawsuit has still not reached any conclusion, and it’s still not clear that XRP is a currency or security. Therefore, the crypto exchange platform may have decided to delist it.
Major XRP Delistings
Newton, one of the major cryptocurrency trading platforms, also delisted XRP earlier this month. It also cited the same reasons as Bitbuy for the act. Earlier last year, when SEC sued Ripple, Coinbase had delisted XRP. The token is also not listed on Binance.us.
At press time, XRP was trading at $0.8, with an increase of 3.14% in the last 24 hours.