On Wednesday, December 30, Binance US became the latest cryptocurrency exchange to announce that U.S. customers will not be able to buy or sell XRP effective January 13th, 2021.
Other cryptocurrency exchange to delist include:
- Galaxy Digital
- Jump Trading
- Swipe Wallet
The SEC lawsuit
The SEC lawsuit against Ripple SEC said executives had unlawfully sold billions worth of XRP to fund their business and their pockets, with the latter figure estimated at $600 million.
Among other damaging claims, the lawsuit noted that Ripple awarded $150,000 to “top three traders” of an unnamed exchange in 2017 who drove the most volume to the coin. This was considered by the company to help in building “momentum” for the token and raise its price higher.
A pretrial date has been set for Feb. 22, 2021, as per public court documents.
Ripple: “We will address these unproven allegations”
Meanwhile, Ripple hit back at the SEC in a statement yesterday, “The public and press have only heard the story from the SEC’s side, and we’ll be filing our response in a few weeks to address these unproven allegations against Ripple.”
Ripple added it would continue to operate and offer its products for US citizens and in American markets despite the lawsuit, making clear that a majority of XRP volumes came from countries outside of the US and saw better regulation for itself in places like Singapore and Japan.
The price of XRP has decreased by 67 percent over the past month and it is 94 percent down from its all-time high on January 4, 2018.
Update at 00:58 GMT: An earlier version of this article stated Binance will be suspending trading when it is in fact Binance US that will be suspending trading.
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