Crypto Exchanges list who delisted XRP under SEC Strife

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Crypto Exchanges dropped XRP from their listings or even suspended trading the asset, after US Securities and Exchange Commission (SEC) filling a suit against the two XRP’s executives.

According to Coinbase’s release this December 29, the platform has made a decision to suspend XRP trading pairs because of the SEC’s lawsuit against Ripple Labs Inc.

After SEC’s Suit, XRP went down like a bubble Throughout Crypto Platforms

Crypto Exchanges dropped XRP from their listings or even suspended trading the asset, after US Securities and Exchange Commission (SEC) filling a suit against the two XRP’s executives.

On December 22, the SEC released its statement announcing “it has filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.” According to Coinbase:

 “In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*”

OkCoin was the last exchange to drop the trading and suspended XRP trading and deposits until a resolution came out of SEC’s legal action and made a release note stating that it “was the best course of action” and  that “suspension timeline will include two key dates”:

7:00 PM PST, Jan 3, 2021: Users who have borrowed from the XRP / USD margin pair (incl. Borrowing XRP and USD) are required to return the borrowed value before this time. Delays will trigger a liquidation by our systems to close the loan contracts.

7:00 PM PST, Jan 4, 2021: spot trading, margin trading, and deposits will be suspended till further notice. 

OkCoin also noticed that as news arises, they will keep everyone informed. Earlier, other crypto exchanges also did the same, like Beaxy Exchange and Bitwise.

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Bitwise also stated:

“The Fund liquidated its position and reinvested the proceeds in other portfolio assets.”

If SEC Wins the suit, XRP might become rendered.

Tritium CEO, John Willock, said in a statement that if XRP becomes categorized as a security, it will most likely end up “untradeable for most exchanges and industry participants.”
OKEx CEO, Jay Hao, added further on this statement. Hao said that what we might likely see in the days ahead is a “sharp sell-off of XRP, leading to a decline in its price.” After SEC’s decision, it could lead to potentially seal the fate of XRP. However, if it will impact or not how other cryptocurrencies are categorized by the agency, we will see in the upcoming days, weeks, or months.

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The information expressed in this article is solely those of the author and do not necessarily reflect the vies of CryptoDeFinance.  Each and every investment and trading move involves high risk. You should always conduct your own research when making a decision in crypto investment.
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Bruno Marques

Hi! I am the CEO/Founder of Crypto DeFinance, and I am an Enthusiast crypto investor. I started this project so we can provide you with carefully curated news. If you like us and our news, share the posts and comment. Your visit and interaction is very important to us.
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