Binance.US and eToro announced removal of XRP

Binance.US and eToro announced removal of XRP

Several large US exchanges are removing XRP from their platforms: Binance.US and eToro join Coinbase and Bittrex

Binance.US, the US subsidiary of the well-known cryptocurrency exchange Binance, and eToro, a popular crypto-friendly trading service, have also suspended XRP trading in the US.

In an announcement on Thursday, eToro unveiled that US customers will no longer be able The News Spy app to trade XRP from 3 January 2021. Customers with still active positions will have three weeks to close any trades.

Binance.US will instead remove XRP on 13 January 2021. However, the exchange stressed that the delisting will not affect Flare Network’s Spark token distribution (FLR) event in any way.

Binance.US and eToro therefore join Coinbase and Bittrex, two other major cryptocurrency exchanges that have recently suspended XRP trading for US users. Coinbase will also face a complaint from a disgruntled trader, who accuses the platform of selling XRP despite being aware that it was an unregistered security.

SEC sued the company for violating securities

The mass removal of XRP from exchanges is due to the US Securities and Exchange Commission’s recent legal action against Ripple: the SEC sued the company for violating securities laws by selling XRP.

Investment firms with positions in XRP are also liquidating their funds. It appears that Grayscale Investments, the world’s largest digital asset manager, has sold a significant portion of its XRP and XLM reserves; Bitwise Asset Management has sold all of its XRP, removing the token from the Bitwise 10 Crypto Index Fund.

Meanwhile, Ripple is preparing to fight the SEC’s charges:

„The public and the press have only heard the story from the SEC’s point of view, we will respond in a few weeks to dismantle these unfounded allegations against Ripple.“

A virtual pre-trial has already been set for February 2021.

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