XRP soon to be banned? – By accusing Ripple Labs of conducting an illegal sale of securities with its XRPs, the Securities and Exchange Commission (SEC) seems to have sentenced the interbank token to death. One after another, one platform after another is stopping XRP trading, and this seems to be only the beginning.
XRP gradually withdrawn from the cryptoexchanges
The U.S. Securities and Exchange Commission, the leading U.S. financial watchdog, announced just before Christmas that it was filing a complaint against Ripple and two of its top executives – Christian Larsen and Bradley Garlinghouse.
They are accused of violating U.S. securities laws by not registering their sales of XRP with the SEC.
Since then, there has been a flood of bad news for Ripple and his token. We will try to list them, but it is not an exhaustive list, given the speed at which Bitcoin Legacy delistings are multiplying. So, better check with your platform if it is not listed here.
Coinbase will suspend XRP trading from January 19th.
In February 2019, after much hesitation, Brian Armstrong’s platform had finally listed the interbank token under the pressure of „When XRP? “ from the Ripple community (the famous XRP Army).
A choice that the crypto-bourse seems to regret today, since Coinbase now announces on its blog that it has already suspended market orders on its pairs with XRP since December 28th. On January 19, limit orders will also be suspended, which will put an end to XRP trading on Coinbase.
End of deposits and trading of XRP on BitStamp
One of the oldest crypto exchange platforms will also close its doors to XRP. Bitstamp actually announced on its blog that it will suspend all exchanges and deposits of the interbank token as of January 8. Withdrawals will still be possible.
Crypto.com delinquishes XRP and stops the interests
In addition to its crypto credit cards, the Crypto.com site also offers a crypto-actives trading service. The latter warns its US customers that as of January 19, XRP will be withdrawn from its offer and trading will be suspended.
In addition, the interest rate offer (Crypto.com Earn) on XRP deposits will be discontinued as of December 29. Interest will be paid until that date.
Grayscale stops subscriptions to its XRP fund
It is not only the traditional crypto-traders and individual investors who are affected by the current wave of Ripple token withdrawal. The company Grayscale, which specializes in investment funds for institutional investors, will also do the same.
While the firm’s website already states that „the Grayscale XRP Trust’s investment is currently closed“, a client of the investment fund has made the following communication public on Twitter :
„(…) we are no longer accepting new subscriptions, nor will we validate pending subscriptions, for investments in the Grayscale XRP Trust (…)“.
Other withdrawals in progress or to come
The list does not end there: at present, the OKCoin trading platform and the B2C2 market-maker have also announced the end of XRP listing and trading, respectively as of January 4 for the former and December 24 for the latter.
The asset manager 21Shares (formerly Amun), has also withdrawn its Exchange Traded Product (ETP) on XRP.
Ripple and its XRP token are currently in a very bad situation. Even though the legal battle with the SEC has only just begun, the various companies in the crypto industry do not want to take any risks with this crypto-active, which obviously seems to have become „pestiféré“ in their eyes.