Crypto Exchange Backed by LINE to Delist XRP This Month
- The BitBox exchange said that XRP, and its trading pairs, will be delisted at midnight on 16 January.
- Customers of the exchange will have up until 16 February to withdraw all of their XRP holdings.
Ripple CEO Brad Garlinghouse. Bitcoinist
According to a 6 January post from BitBox, the exchange will be delisting XRP and its trading pairs from its platform. The popular crypto asset will be delisted at midnight on 16 January, together with its Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) trading pairs.
The exchange stated in the post:
“Starting at 23:59:59 (UTC) on January 16, 2020, delisted coin and pairs will no longer be available for deposits and trades, and all unfilled orders affected by the delisting will be canceled automatically. To ensure the safety of your assets, we recommend you cancel all orders manually before the mentioned coin is delisted.”
The exchange further said that customers will have 1 month after XRP is delisted from the platform to withdraw all of their cryptocurrency holdings. Even though the reasons behind the delisting remain unclear, the exchange did say that it keeps constant watch on all coins that are traded on it, and that:
“If a coin does not meet our standards based on its performance, reliability, liquidity, or law and regulatory requirements, it will be delisted from our exchange. To protect your assets and interests, we provide sufficient notice before delisting.”
Announced in June 2018, the BitBox exchange has started facilitating cryptocurrency trading globally, with the exception of the U.S. and Japan. In September last year, the exchange was able to obtain a cryptocurrency exchange license in Japan, and expanded its operations as BitMax.
- A federal judge ruled that the sale of XRP through exchanges and algorithms did not qualify as selling securities, which could have a major impact on several SEC lawsuits.
- The institutional sale of the token, however, did violate federal securities laws, and the lawsuit between the SEC and Ripple will have to go to trial.
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- These documents are seen as central in Ripple’s battle against the SEC, which in 2020 accused the company of selling its XRP token without registering it as a security.
- The documents in question are internal emails, text messages, and expert reports that followed Hinman’s 2018 speech, in which he said ETH and BTC were not securities.
- Japanese messaging giant Line had decided to close down its crypto exchange business, and focus on its other blockchain and crypto initiatives.
- New signups and credit card payments have already been shut down, additional services will be suspended mid-December, while trading and open orders will be canceled by the end of the month.