Share this article

Binance US Says It Will Delist XRP on Jan. 13

Binance becomes latest crypto exchange to delist Ripple's XRP.

By Nikhilesh De, Kevin Reynolds

Updated Sep 14, 2021, 10:50 a.m. Published Dec 30, 2020, 8:29 p.m.

Cryptocurrency exchange Binance US is suspending XRP trading for its customers effective next month.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the Crypto for Advisors Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

The U.S. affiliate of the world's top crypto exchange by volume announced Wednesday that customers will not be able to deposit or trade XRP on the platform effective 10:00 a.m. ET on Jan. 13, 2021, though withdrawals remain unaffected at this time. The announcement does not apply to Binance as a whole.

Binance US is the latest crypto trading venue to suspend XRP support in the U.S. after the Securities and Exchange Commission (SEC) sued Ripple earlier this month on allegations it has been selling XRP as an unregistered security for over seven years. After the news broke, the price of XRP dipped 2.1% to a 24-hour low of $0.199910 but is slowly recovering.

Other exchanges to delist or suspend XRP trading or markets include:

Coinbase
Crypto.com
Bitstamp
OKCoin
Ziglu
Wirex
Bittrex
Swipe Wallet
Crosstower
Beaxy
OSL
Jump Trading
Galaxy Digital
Bitwise
Genesis Global Trading

Most of these platforms have only removed XRP from their U.S. markets or platforms, though a few have suspended support internationally.

According to the SEC suit, which was filed in the U.S. District Court for the Southern District of New York, Ripple, CEO Brad Garlinghouse and Chairman Chris Larsen have sold some $1.3 billion in XRP since 2013. The SEC alleges that Ripple did not register XRP as a security or seek an exemption for the token, of which it holds nearly 50 billion in escrow.

For its part, Ripple has called the allegations "unproven," and has promised to file a response in court in the coming weeks. The San Francisco-based firm has repeatedly called the SEC's suit an "attack on crypto" in the U.S., with CEO Garlinghouse claiming the agency's actions "directly benefit China."

A pretrial conference has been scheduled for Feb. 22, 2021, according to public court records, with the parties required to submit a joint letter describing the case and the arguments each side plans to make, potential motions and any potential settlement details the week before.

The SEC and Ripple must also file a joint letter by Feb. 15 stating whether both parties are willing to consent to having a magistrate judge oversee proceedings (rather than a district judge).

Read our ongoing coverage of the SEC's case against Ripple and its impact on the industry.

UPDATE (Dec. 31, 2020, 6:25 UTC): Clarifies in lede that Binance US specifically is suspending XRP trades, not Binance overall.

Ripple XRP Binance Ripple Effect

Nikhilesh De

Nikhilesh De is CoinDesk's managing editor for global policy and regulation, covering regulators, lawmakers and institutions. When he's not reporting on digital assets and policy, he can be found admiring Amtrak or building LEGO trains. He owns < $50 in BTC and < $20 in ETH. He was named the Association of Cryptocurrency Journalists and Researchers' Journalist of the Year in 2020.

Kevin Reynolds

Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.