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Over 26 Companies Remove XRP Services Amid Ripple Lawsuit

Over 26 Companies Remove XRP Services Amid Ripple Lawsuit
  • More than 26 cryptocurrency companies have delisted XRP services over the recent US SEC’s lawsuit.
  • This is as a result of a recent allegation about the XRP asset claimed as unregistered securities.
  • At the time of writing, Coinbase is also facing a lawsuit for selling XRP assets despite knowing that the asset is security, not a commodity.

Over 26 cryptocurrency companies have ended XRP support on their platform. This is with regard to the ongoing Ripple lawsuit filed by the US Securities and Exchanges Commission (SEC).

Specifically, this came due to a recent allegation about XRP as an unregistered security. Therefore, Ripple’s company prepares to legally face the SEC’s lawsuit as days go.

Meanwhile, some of the companies have removed XRP not entirely, but only on the US exchange platforms. Wherein others have also ended XRP trading globally.

Also, a number of crypto exchanges have delisted XRP. On the other hand, others have altered, suspended, and disabled tradings for the asset. Furthermore, several major exchanges like Bitstamp, Abra, eToro, and B2C2 crypto market makers have also suspended XRP services in the US.

At the time of writing, crypto exchange giants including Coinbase, Binance US, Crypto.com,  and CrossTower. Also,  Bittrex, Beaxy, OKCoin, showed the same above-mentioned interest.

Progressively, Simplex crypto payment company also admitted that it will block XRP transactions globally. Following this, Brokers Genesis Trading and Bitcoin Suisse have removed support for XRP.

Additionally, Coinbase facing a lawsuit for selling XRP amid allegations that the asset is security, not a commodity.

Until late this month Coinbase sold the XRP token, the value of which was entirely linked to the success or failure of Ripple Co. and the managerial efforts of its executives. Indeed, Ripple Co.’s survival as a corporate entity depended on its sale of unlicensed XRP securities to the public to fund its business operations.

Nevertheless, Ripple said that they are looking to partner with the SEC as previous board members have resigned.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.