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Another exchange in Canada to delist XRP over new ‘regulatory requirements’

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The ongoing Ripple vs. United States Securities and Exchange Commission (SEC) lawsuit will complete a year in a few days. Yet, there are no signs of conclusion. This might be entertaining for others, but certainly not for Ripple. Following this, Ripple’s native token, XRP witnessed delisting on multiple platforms due to regulatory concerns.

Nevertheless, ‘RelistXRPbegan trending on Twitter in many countries, and gained momentum over a period of time, but to no avail.

Delisting season 

Canadian cryptocurrency exchange Bitbuy announced that it will be delisting XRP as of 13 January, 2022. Discussing this disunion, the crypto exchange platform stated,

“Please note that as of January 13th, 2022 9:00 am EST you will no longer be able to trade XRP/CAD or XRP/BTC markets and you will no longer be able to make new XRP deposits to your Bitbuy account wallet.”

Bitbuy is urging users to withdraw any remaining tokens from the exchange before the delisting takes place. Post the aforementioned timeline, one could withdraw XRP holdings “for a grace period of 30 days.” However, no trading will be permitted at this time.

Here’s the interesting bit. The official blog noted that XRP will be replaced with other unnamed cryptocurrencies.

“Tell me something new!”

Well, for anyone following the lawsuit, this move doesn’t come as a surprise. The delisting comes in consideration of new regulatory requirements for Canadian cryptocurrency platforms. As per this regulation (Section 20 of our Ontario Securities Commission), exchanges are

“…required to apply policies and procedures to determine whether a crypto asset is a security and or a derivative.”

However, in a latest development, the SEC took note of an update regarding the deliberative process privilege. It protects a company’s documents related to a “specific” decision or decision-making process, even in the courtroom.

More in line

Earlier this month, Newton, one of the leading cryptocurrency exchanges in the said region followed the same routine. Reason? The exact carbon copy as stated above.

Other exchanges: see the attached table below to meet other members of this ‘delisting’ group.

Needless to say, these updates have immensely affected the flagship coin. Once trading on the fourth spot, XRP has dropped in ranks and now stands at #8. The prices saw a bloodbath too. At the time of writing, XRP was trading under the $0.8 mark with a correction of 5% in 24 hours.

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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