Crypto Exchanges Start to Delist XRP to Avoid Legal Troubles
- As of now, three exchanges confirmed the delisting of XRP.

As the US securities market regulator officially moved against Ripple, crypto exchanges have started to delist the XRP token to save themselves from any legal troubles. OSL, CrossTower and Beaxy are three known digital currency trading platforms to delist the troubled cryptocurrency.
The delisting started hours after the announcement of the Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term Commission’s lawsuit against Ripple; the company’s executive chairman, Chris Larsen and Brad Garlinghouse, its current CEO.
Will Major Exchanges Delist XRP Too?
The delisting did not come as a surprise as many industry proponents pointed out and justified such moves by crypto exchanges.
I just read the 71 page SEC complaint vs. Ripple.
I think any crypto exchange who doesn’t delist XRP this week is out of their mind. If the SEC says it’s a security you’d be crazy to list it without a license. — Bruce Fenton (@brucefenton) December 23, 2020
Though Hong Kong-based OSL was the first to delist the controversial cryptocurrency after the announcement of the lawsuit, CrossTower was proactive enough to delist XRP even before the official confirmation.
“Given the uncertainty regarding XRP’s status, CrossTower has decided to delist XRP,” CrossTower President, Kristin Boggiano, said in a statement.
OSL and Beaxy both tweeted about their suspension of XRP trading, and the decision will be effective “until further notice.”
Please note: In light of US Securities & Exchange Commission’s enforcement action against Ripple Labs & 2 of its executives, we have suspended all #XRP payment in and trading services on the OSL platform, effective immediately and until further notice.https://t.co/EXJJEHMawn
— OSL (@osldotcom) December 23, 2020
The SEC has charged @Ripple with conducting an unregistered security sale.
Due to this, #Beaxy has halted trading for XRP pending further news. $XRP withdrawals will remain enabled until further notice. pic.twitter.com/lVVqXJPdPP — Beaxy Exchange (@BeaxyExchange) December 22, 2020
However, major exchanges are yet to react to the lawsuit against Ripple.
Meanwhile, the news of the lawsuit is affecting the market performance of XRP. The token almost lost 30 percent in the last 24 hours and is trading at $0.337 apiece as of press time. Furthermore, Tether took over Ripple as the third-largest cryptocurrency, in terms of market cap.
As the US securities market regulator officially moved against Ripple, crypto exchanges have started to delist the XRP token to save themselves from any legal troubles. OSL, CrossTower and Beaxy are three known digital currency trading platforms to delist the troubled cryptocurrency.
The delisting started hours after the announcement of the Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term Commission’s lawsuit against Ripple; the company’s executive chairman, Chris Larsen and Brad Garlinghouse, its current CEO.
Will Major Exchanges Delist XRP Too?
The delisting did not come as a surprise as many industry proponents pointed out and justified such moves by crypto exchanges.
I just read the 71 page SEC complaint vs. Ripple.
I think any crypto exchange who doesn’t delist XRP this week is out of their mind. If the SEC says it’s a security you’d be crazy to list it without a license. — Bruce Fenton (@brucefenton) December 23, 2020
Though Hong Kong-based OSL was the first to delist the controversial cryptocurrency after the announcement of the lawsuit, CrossTower was proactive enough to delist XRP even before the official confirmation.
“Given the uncertainty regarding XRP’s status, CrossTower has decided to delist XRP,” CrossTower President, Kristin Boggiano, said in a statement.
OSL and Beaxy both tweeted about their suspension of XRP trading, and the decision will be effective “until further notice.”
Please note: In light of US Securities & Exchange Commission’s enforcement action against Ripple Labs & 2 of its executives, we have suspended all #XRP payment in and trading services on the OSL platform, effective immediately and until further notice.https://t.co/EXJJEHMawn
— OSL (@osldotcom) December 23, 2020
The SEC has charged @Ripple with conducting an unregistered security sale.
Due to this, #Beaxy has halted trading for XRP pending further news. $XRP withdrawals will remain enabled until further notice. pic.twitter.com/lVVqXJPdPP — Beaxy Exchange (@BeaxyExchange) December 22, 2020
However, major exchanges are yet to react to the lawsuit against Ripple.
Meanwhile, the news of the lawsuit is affecting the market performance of XRP. The token almost lost 30 percent in the last 24 hours and is trading at $0.337 apiece as of press time. Furthermore, Tether took over Ripple as the third-largest cryptocurrency, in terms of market cap.