Line’s global crypto exchange Bitbox announced on Monday its decision to delist all XRP-based trading pairs.
Though the company did not detail the exact reason behind the harsh decision, the growing allegations on Ripple’s digital currency might be a reason behind it.
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“We keep a constant watch on all coins that are being traded on BITBOX,” the exchange noted. “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.”
The Singapore-based exchange currently offers three XRP trading pairs – against BTC, ETH, and USDT – all of which will be delisted at the end of January 16.
After the mentioned date, the exchange will disable XRP deposits and cancel all unfulfilled orders. However, the clients of the exchange will have another month to withdraw their holdings in XRP from the platform.
“If you own any of the delisted coin on BITBOX, please withdraw it during the withdrawal period at the latest. You won’t be able to withdraw this coin once the withdrawal period ends,” the announcement added.
XRP – a centralized player in a decentralized world
Bitbox’s parent LVC Corporation also operates another local exchange in Japan – BitMax – which is regulated by the Financial Services Agency (FSA). Despite Bitbox’s decision to delist XRP trading pairs, the Japanese sister exchange will continue to list the token against the USDT.
Though XRP was launched as a centralized project only for facilitating cross-border payments, the company attracted a lot of critics within the crypto community.
Despite Bitbox’s unlikely decision, Binance, one of the leading global crypto exchanges, is betting bullish on XRP. It recently introduced XRP-based perpetual contracts on its dedicated derivatives platform, offering traders 75x leverage.
What’s interesting though is that XRP pumped about 10% right before the announcement. Could be a coincidence but pic.twitter.com/bpybZ7iWse
— Larry Cermak (@lawmaster) January 6, 2020