Crypto

Another Canadian Crypto Exchange Plan to Delist Ripple (XRP)

Another Canadian Crypto Exchange Plan to Delist Ripple (XRP)

Bitbuy, a Canadian cryptocurrency exchange, has hinted that Ripple (XRP), the seventh-largest cryptocurrency by market value, will be delisted on January 13, 2022.

Traders can trade the token against the Canadian dollar and Bitcoin on the exchange. Both the XRP-CAD and XRP-BTC markets will be removed from the trading platform in January.

Before the delisting, Bitbuy is advising users to withdraw any leftover tokens from the exchange.

It goes on to say that XRP will be replaced by unnamed cryptocurrencies.

The OSC has approved registration

Bitbuy became the first crypto trading platform in the country, Canada to receive approval from the Ontario Securities Commission (OSC) to operate as a fully licensed dealer in early December.

The exchange mentioned in its most recent release that it must follow the Ontario Securities Commission’s rules when determining whether or not a cryptocurrency can be classed as a security. Bitbuy claims that it must also consider the views of international regulators.

If the legal situation changes, the exchange does not rule out the possibility of re-listing XRP on its platform:

“We will continue to monitor the status of XRP and should things change we will act accordingly.”

Observation by regulators

Newton, one of Canada’s most popular cryptocurrency exchanges, stated earlier this month that it would delist the Rippled-affiliated cryptocurrency, as well as Tether, the world’s largest stablecoin.

The SEC’s unprecedented case against Ripple has filed around a year ago, beginning off a heated legal struggle that XRP supporters think will have a huge impact on the broader cryptocurrency market.

Due to regulatory ambiguity surrounding the cryptocurrency, several US-based exchanges, including Coinbase, Kraken, Binance.US, and other trading platforms, halted XRP trading in January.

Binance and Huobi account for the majority of XRP trading volume.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.