Yet another cryptocurrency exchange has delisted XRP in lieu of regulatory and legal controversy surrounding the token. The Canadian crypto exchange platform, Newton declared the news via a community release noting that they will be delisting two tokens, XRP and USDT. Furthermore, Newton exchange highlighted that the delisting process will be carried out in phases.
The first deadline is set for suspension of XRP and USDT transfers, which will be turned off by December 20th at 11:59pm ET. Post the first phase of delisting, users will not be able to send XRP or USDT to Newton. Furthermore, the second phase will incorporate the suspension of trading services for XRP and USDT, which will be implemented by December 31st. At last, by January 15, traders will not be able to withdraw their XRP and USDT funds, in turn accomplishing the delisting process.
“You must ensure that all remaining XRP and USDT has been moved out of your Newton account by the January 15th deadline. Any remaining XRP and USDT after this deadline and any subsequent reminders will be liquidated by Newton on your behalf, and the cash (CAD) proceeds will be delivered to your Newton account.”, stated the community release.
XRP Community or Collateral Damage?
The XRP community across the globe is sent into a fit of panic, with the ongoing XRP lawsuit seemingly gravitating towards a SEC influenced settlement. The latest update in the lawsuit saw the court order both parties to submit supplemental briefs by December 8, on Defendants’ Motion to Compel, given the change in the scope of Deliberative Process Privilege (DPP), referring to the 11/29 decision by U.S. Court of Appeals in an unrelated case.
However, with one after another extended deadlines in the case, the only victims are the XRP Holders with frozen funds. During the month of October, Attorney Deaton, who has acquired the amici curiae status, approached the court on behalf of the XRP community appealing to deny any further extensions given a large sum of XRP Holders have their XRP in “frozen” retirement brokerage accounts. XRP holders are unable to touch their funds in any manner, including the inability to withdraw, due to the ongoing lawsuit. Furthermore, majority of crypto exchanges have delisted XRP, making it impossible for the community to interact with the token.
- Are Hedge Funds Planning USDT Dump? Tether CTO Responds To Rumors
- Here’s Why Apecoin (APE) Price Is Skyrocketing Today
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5