XRP banned soon? – By accusing Ripple Labs of using their XRP to illegally sell securities, the Securities and Exchange Commission (SEC) appears to have sentenced the interbank token to death. One by one, the platforms will stop trading XRP, and that just seems to be the beginning.
XRP gradually withdrew from crypto exchanges
The Securities and Exchange Commission, America’s chief financial officer, announced just before Christmas that it would file a lawsuit against Ripple and two of its top executives – Christian Larsen and Bradley Garlinghouse.
They are accused of violating US securities laws by failing to register their sales of XRP with the SEC.
Since then, it has been a deluge of bad news for Ripple and his character. We’ll try to list them, but it’s not exhaustive given the speed at which XRP listing abandonments are increasing. It is therefore better to check with your platform to see if it is not listed here.
Coinbase will stop trading XRP on January 19th
In February 2019, after a long hesitation, the interbank token was released on Brian Armstrong’s platform under pressure from “When XRP? From the Ripple community (the famous XRP army).
A decision that the crypto exchange seems to regret today, as Coinbase now announces on its blog that it has already suspended market orders for its pairs with XRP since December 28th. On January 19, limit orders will also be suspended, which will end XRP trading on Coinbase.
Stop XRP Deposits and Trading with BitStamp
One of the oldest crypto exchange platforms is also going to close its doors to XRP. Bitstamp has effectively announced on its blog that it will cease trading and depositing the interbank token from January 8th. Withdrawals are still possible.
Crypto.com clears XRP and stops interest
In addition to the crypto bank cards, the Crypto.com website also offers a crypto asset trading service. The latter warns its US customers that starting January 19, XRP will be withdrawn from its offering and trading will be suspended.
In addition, the interest rate offer (Crypto.com Earn) for XRP deposits ends on December 29th. Interest will be paid by that date.
Grayscale stops subscribing to its XRP fund
It’s not just traditional crypto exchanges and retail investors who have been hit by Ripple’s current wave of token payouts. Grayscale, a company specializing in mutual funds for institutional investors, will do the same.
While the company’s website states that « the placement of the Grayscale XRP Trust is currently complete, » a client of the mutual fund posted the following message on Twitter:
« (…) We are no longer accepting new subscriptions or validating outstanding subscriptions for investments in the Grayscale XRP Trust (…). »
Further withdrawals are in progress or will follow
The list does not stop there: Currently the exchange platform OKCoin and the market maker B2C2 have announced that they will end the listing and trading of XRP from January 4th for this first and since December 24th for the second.
Asset manager 21Shares (formerly Amun) has also withdrawn its Exchange Traded Product (ETP) related to XRP.
Ripple and its XRP token are currently in dire straits. Even though the legal battle with the SEC has only just begun, the various companies in the crypto sector do not want to take any chances with this crypto asset, which in their eyes seems to be clearly “plagued”.