Binance US, Genesis, & Abra Suspends XRP Support; Bittrex & Uphold Clarifies No Plan to Delist
Much like all the XRP trading and deposit suspension that has happened so far, only the US users are affected. Exchanges clarify that Spark (FLR) Token Distribution in 2021 is unaffected.
Binance’s US-based crypto exchange Binance.US has announced the delisting of XRP on Jan. 13, 2021, at 10 am EST. Binance.US users won't be able to deposit XRP but withdrawals will be unaffected.
Much like all the trading and deposit suspension that has happened so far, only the US users are affected.
The exchange further clarified that delisting will not affect users from claiming their Spark (FLR) Token Distribution in 2021.
Another one to join this list is Genesis which sent an email to its users, informing them of the XRP trading and lending suspension, as of Dec. 29. The users are not allowed to make new purchases while those who hold XRP have until Jan. 15 to sell it.
The company no longer supports loans in XRP either and both open-term loans and fixed-term loans will also be called. Meanwhile, the “team is actively monitoring the evolving regulatory situation with XRP.”
Abra has also joined the list of companies ending XRP support for US users, despite it being a peer-to-peer transaction network.
According to the firm’s message, Abra plans to suspend trading in XRP for US customers at 3 PM PST on Jan. 15th.
“Abra is registered in most states as an MSB and has had previous legal battles with the SEC that led to them delisting their stock ETF offering,” noted Adam Cochran, partner at Cinneamhain Ventures.
No plans to delist XRP
Amidst all the suspensions, cryptocurrency exchange Bittrex, which no longer allows its US customers to trade XRP clarified that they are not going to delist the digital asset and will maintain all XRP markets: BTC-XRP, USD-XRP, USDT-XRP, ETH-XRP, and EUR-XRP.
“Uphold will continue to list XRP until and unless the Complaint is adjudicated against Ripple – specifically citing that XRP is, today, a security, or trading volume dissipates to a point where we can no longer support,” came the tweet from JP Thieriot, CEO of crypto trading platform Uphold.
Australia-based BTC Markets also took to Twitter to share that they are monitoring events in the US regarding the SEC but have “no plans to delist XRP at this time.”
The price of XRP meanwhile lost a considerable amount of its value in the last two weeks. After falling under $0.17, the crypto asset is currently trading around $0.22.
“XRP's market cap has fallen by 93% from $137B to under $10B. That makes the value of the XRP collapse bigger than Enron and Worldcom,” said Joshua Frank, CEO of The TIE. “While not a bankruptcy, XRP is effectively the third-largest collapse of all-time behind Lehman Brothers and Washington Mutual,” he added.
Coinbase Under Hot Water Too
A class-action lawsuit has been filed against US-based crypto exchange Coinbase alleging that it knew XRP was a security and still sold it “illegally”.
The case is filed by Thomas Sandoval in the U.S. District Court, Northern District of California (San Francisco) and he is seeking damages for the commission paid by him and other users to Coinbase for XRP tokens.
“Until late this month Coinbase sold the XRP token, the value of which was entirely linked to the success or failure of Ripple Co. and the managerial efforts of its executives,” Sandoval said in the complaint. “Indeed, Ripple Co.’s survival as a corporate entity depended on its sale of unlicensed XRP securities to the public to fund its business operations.”