Crypto.com Joins Other Exchanges to Delist XRP amid Ripple’s SEC Lawsuit

UTC by Ibukun Ogundare · 3 min read
Crypto.com Joins Other Exchanges to Delist XRP amid Ripple’s SEC Lawsuit
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Crypto.com noted that the delisting and trading suspension would not affect the withdrawal of XRP.

Crypto exchange Crypto.com is now the latest exchange to delist Ripple’s XRP from its platform. Several exchanges have been announcing the token delisting as Ripple faces a lawsuit in the US.

On the 22nd of December, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and two of its top executives over the selling of a $1.3 billion unregistered securities offering. The executives involved in the suit are Ripple’s co-founder Christian Larsen and CEO Brad Garlinghouse.

Following the SEC lawsuit, several exchanges have moved to delist XRP, and the crypto asset has lost about 140% since the commission’s announcement. At press time, XRP is down 8.13% to $0.209976.

Crypto.com to Delist XRP

According to an announcement published on the 29th of December, Crypto.com would delist XRP trading in the US. The exchange said users would no longer be able to trade XRP from the 19th of January, 10am UTC. The exchange further noted that the delisting and trading suspension would not affect the withdrawal of XRP.

Crypto.com has other plans for US users with XRP Earn deposits. Crypto.com would unlock their XRP and move the assets to their Crypto Wallets with full interest paid.

Other Exchanges Delist Ripple amid SEC Lawsuit

On the same day of Crypto.com’s announcement, Coinbase revealed that the platform would also suspend XRP trading. In a blog post, Coinbase chief legal officer Paul Grewal said:

“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.”

The chief legal officer added that additional updates would be posted on the Coinbase Support official Twitter account. He also said that the exchange would continue to observe the legal development regarding Ripple’s SEC lawsuit and provide relevant information to customers.

Shortly after Coinbase’s announcement to delist XRP, the price of XRP on the platform dropped from $0.28 to $0.24.

In addition, OKCoin also revealed plans to suspend XRP trading and deposits on the crypto exchange platform. In an announcement, OKCoin said “it is the best course of action” to halt XRP trading and deposits as of the 4th of January.

The Block noted that crypto payments firm XRP will not be available on the US version of the Wirex app when it launches in January. Like other exchanges, Ziglu is also suspending XRP trading from the 12th of January.

Furthermore, the Bittrex Exchange will remove XRP markets on the 15th of January at 4 pm (PST). The exchange said it would remove BTC-XRP, ETH-XRP, USDT-XRP, and USD-XRP.

In a recent tweet, Swipe Wallet also announced that it would be delisting XRP for its US users as of the 5th of January.

Altcoin News, Cryptocurrency news, News, XRP
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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