TL;DR Breakdown
- Binance U.S set to suspend XRP
- Kraken, only U.S crypto exchange yet to suspend XRP
Like Coinbase, Bitstamp, and Huobi among others getting set to delist XRP by 2021, Binance U.S has also joined the train. Binance U.S announced that it would suspend XRP trading and deposits by Wednesday, January 13, 2021.
Binance, in its press release, did not give a reason for suspending the Ripple developed coin. However, it cannot be unconnected from Ripple’s recent misfortunes in the hands of the Security and Exchange Commission (SEC).
“Effective Wednesday, January 13, 2021, at 10 am EST, XRP will be delisted from Binance.US. XRP trading and deposits will be suspended.
Binance.US users will not be able to deposit XRP as of January 13, 2021, at 10 am EST. XRP withdrawals will not be affected at this time, the statement read.
Why Binance U.S, other exchanges are delisting XRP
Every exchange appears to be disassociating themselves from XRP as Ripple tries to control the situation with SEC.
Coinbase, in its press release, explained that it swallowed the bitter pill of delisting XRP in light of SEC’s lawsuit against Ripple Labs. The firm immediately suspended the XRP trading pairs on the platform and would entirely suspend January 19.
Similarly, Bittrex announced on Tuesday it would suspend XRP on Friday, January 15, 2021, without stating why the coin would be suspended.
Bitstamp, another crypto exchange, spilled the bean, saying it would suspend XRP trading in light of SEC’s filing alleging XRP to be a security.
The majority of crypto firms continue to delist the Ripple-backed token owing to its brawl with SEC. The exchanges are trying to avoid any ripple effect of SEC charges against XRP.
If XRP is pronounced a security, Exchanges firms, especially in the U.S., could be sued for illegally selling securities to investors, hence, their quick action to suspend.
Kraken exchange remains the only U.S. based crypto firm yet to announce it would delist XRP.
What next for XRP, Ripple
Speculation has continued to mount about what could happen to XRP. However, these claims cannot be relied upon until an outcome on the lawsuit SEC filed against Ripple.
Ripple has also stand tough in the light of these allegations saying it would respond to the public and the press about SEC “false” allegations against XRP.
Lastly, it is safe to say that the SEC lawsuit’s outcome would determine a lot of things going forward in the crypto space, an anonymous crypto player said.