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Crypto exchange Binance US to delist XRP after SEC files lawsuit against Ripple.

Crypto exchange Binance US is suspending XRP trading for its customers effective next month after the US SEC filed a lawsuit against blockchain firm Ripple.


Crypto exchange Binance US announced that effective Wednesday, January 13, 2021, at 10 am EST, XRP will be delisted from Binance.US. XRP trading and deposits will be suspended. However, withdrawals remain unaffected at this time. Binance US is the latest crypto trading venue to suspend XRP support in the U.S. after the Securities and Exchange Commission (SEC) sued Ripple earlier this month on allegations it has been selling XRP as unregistered security for over seven years. 

 

Ripple continues to face trouble over its XRP ICO. 

As reported earlier, Coinbase is planning to suspend trading in the digital currency XRP after US SEC last week charged associated blockchain firm Ripple with conducting a US$1.3 billion unregistered securities offering. The financial regulator named Ripple CEO Brad Garlinghouse and co-founder Chris Larsen in the lawsuit. Coinbase said trading in XRP was limited from 2.30 pm Pacific time on Monday and would be fully suspended on January 19 at 10 am. The lawsuit has brought many troubles for the blockchain firm Ripple at once. 

 

Ripple plans to fight the lawsuit.

Ripple CEO Brad Garlinghouse said that the blockchain firm plans to fight the lawsuit in a series of Tweets. Ripple CEO noted that the SEC – out of step with other G20 countries & the rest of the U.S. govt – should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China). Ripple executives are adamant that XRP is independent of Ripple and is not a security. “We are ready to fight and win – this battle is just beginning,” Garlinghouse wrote. Ripple has maintained an escrow account of around 50 billion XRP, or around half of the total supply, which the CTO David Schwartz claims to have been ‘gifted’ by the creators of the third-largest cryptocurrency.



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