Following the SEC's case against XRP, more exchanges delisted XRP or suspended support for the cryptocurrency on their platforms.
In my last article I had commented on Beaxy Exchange being the first to suspend XRP cryptocurrency operations on its platform, concerned with the resolution of the SEC's lawsuit against Ripple and its XRP cryptocurrency. Now other exchanges are following Beaxy's footsteps and suspending XRP-related operations on their platforms. And the trend is for more exchanges to follow this pattern.
Below is the list of exchanges or funds that no longer will support XRP.:
Bitwise Asset Management - a leading crypto fund manager since 2017, issues a release to announce that the Bitwise 10 Crypto Index Fund (OTCQX: BITW) (the “Fund”) has liquidated its position in XRP.
On Tuesday, December 22, the U.S. Securities and Exchange Commission (“SEC”) filed an action in the United States District Court for the Southern District of New York alleging, among other things, that XRP is a security subject to the registration requirements of the federal securities laws. The Bitwise 10 Crypto Index Fund does not invest in assets that are reasonably likely to be deemed securities under federal or state securities laws. Bitwise’s decision to liquidate its position in XRP was based on consideration of new public information from the SEC’s complaint.
Prior to the sale of the asset on December 22, 2020, XRP was approximately 3.8% of the Fund. The Fund liquidated its position and reinvested the proceeds in other portfolio assets. Bitwise is issuing this release in accordance with the disclosure obligations of OTCQX®.
CrossTower - On Tuesday, December 22nd, CrossTower made the decision to remove XRP from its US-based trading platform – effective immediately. Non-US customers using CrossTower ‘s global trading platform remain unaffected by this decision and can still trade XRP.
The company said in a note on its website that all customers affected by this decision were immediately notified and withdrawals for XRP will remain enabled until further notice. CrossTower remains committed to its customers and their digital assets.
OSL - Hong Kong-based crypto exchange, OSL, announced in a tweet earlier today that it would suspend every transaction involving XRP, including trading and payment services, on all of its platforms until the issue is resolved.
“Please note: In light of US Securities & Exchange Commission’s enforcement action against Ripple Labs & 2 of its executives, we have suspended all #XRP payment in and trading services on the OSL platform, effective immediately and until further notice,”
Bitstamp - The veteran European exchange had announced that it will halt XRP deposits and trading starting January for its U.S. customers. So far, Bitstamp is the biggest exchange to do so.
According to the announcement on the exchange website,:
"In light of the recent SEC against Ripple Labs Inc. which alleges that XRP is a security, we are going to halt all trading and deposits of XRP for our US customers on 8 January 2021 at 9 PM UTC.
We will closely follow the unfolding situation and continue to adapt accordingly.
Our US customers will still be able to withdraw XRP from Bitstamp. Customers from other countries are not affected.
Thank you for your continued support in this matter. We will post updates here and on Twitter as more information becomes available."
Since the SEC's legal action was revealed against Ripple, the asset has seen drastic fall in price.
See you next time!
