Wednesday, October 27, 2021

Blockchain.com becomes the latest exchange to delist XRP as Ripple’s woe increase.

The Takeaway:

Ripple's woes continue to snowball as Blockchain.com becomes the latest crypto exchange to suspend trading of XRP after Coinbase and Binance US.

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Popular wallet provider and crypto trading platform Blockchain.com has announced to delist the cryptocurrency XRP and suspending its trading next week, following in the steps of Coinbase, Binance.US, OKCoin, and others. Although, as of press time, Blockchain.com’s information on supported crypto assets continues to feature XRP. The official blog post read, “Blockchain.com will halt XRP trading beginning Thursday, January 14th at 11:59 pm GMT. For all customers who have XRP balances, you will continue to have access to your XRP to send after we halt trading, but we will no longer support receiving more XRP in the Exchange.”

 

US SEC sues Ripple over its XRP token sale.

As reported earlier, the US SEC filed a lawsuit against the blockchain firm Ripple over its alleged unregistered security sale. Securities Exchange Commission has called out XRP as a security in the lawsuit. However, Ripple has continued to deny all such allegations. Earlier today, Tetragon Financial Group filed a complaint against Ripple Labs in Delaware Chancery Court and asked the San Francisco-based company to redeem Tetragon’s Series C preferred stock. Tetragon requested the Court to block Ripple from using cash and other assets until the payment is made. Litecoin took over XRP to become the fourth most valuable cryptocurrency in the world after the latest news. 

 

Troubles continue to increase for Ripple. 

Ripple responded to the latest lawsuit saying, “we are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. The courts will provide this clarity, and we are very confident in our position.” Ripple faced a lawsuit filed by the SEC last month in which the financial regulator termed XRP as security and mentioned that the company and its two executives were conducting a $1.3 billion unregistered securities offering. The lawsuit mentioned the names of CEO Brad Garlinghouse and the co-founder Chris Larsen. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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