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Crypto.com to Delist, Suspend XRP in the US After SEC's Ripple Suit
The announcement came hours after Coinbase and OKCoin took similar actions.
Cryptocurrency exchange and finance platform Crypto.com said Monday night it will delist and suspend trading in the U.S. of XRP, the cryptocurrency behind the U.S. Securities and Exchange Commission lawsuit against Ripple Labs last week.
STORY CONTINUES BELOW
- Effective Jan. 19, 2021, at 10 a.m. UTC, XRP will be delisted and trading suspended from the Crypto.com App in the U.S.
- Crypto.com's move came the same day two other crypto exchanges, Coinbase and OKCoin, also announced suspensions of the XRP token.
- On Tuesday, crypto payments firm Wirex and bitcoin app Ziglu took similar actions, according to The Block. Wirex won't include XRP in a U.S. version of its app while Ziglu will suspend trading in XRP as of Jan. 12, 2021.
- Meanwhile, also Tuesday, the Bittrex Exchange said it will remove XRP markets on Jan. 15, 2021, while Swipe Wallet said it will be delisting XRP for U.S. customers on Jan. 5, 2021.
- The SEC claimed last week that XRP is a security, and that Ripple has been selling it without registering or seeking an exemption for seven years, raising $1.3 billion in the process. The legal battle is just beginning, and litigation might take years to resolve. Ripple has said it would fight the lawsuit.
- In a general statement released Tuesday, Ripple said that with the "uncertainty" introduced into the market as a result of the SEC's legal action, it’s "no surprise that some market participants are reacting conservatively as a result."
- Given that exchanges that handle the trading of securities must fill out a lot more paperwork than those that don't, it's little wonder crypto exchanges and market makers are backing away from XRP.
- Like Coinbase, Cypto.com said it will continue to support the Spark (FLR) Token Distribution to XRP holders, which is currently set for the first half of 2021.
UPDATE (Dec. 29, 22:45 UTC): Adds Ripple comment. Adds actions by Wirex, Ziglu and Swipe.
Read our ongoing coverage of the SEC's case against Ripple and its impact on the industry here.
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.
