XRP Lawsuit: Blockchain.com Becomes Latest Platform to Delist XRP

By Prashant Jha
Brad-Garlinghouse

Blockchain.com, a popular blockchain explorer as well as a crypto wallet has joined the growing list of platforms delisting XRP trading services in the wake of the SEC lawsuit against Ripple and two of its executives. The blockchain explorer cum crypto wallet service provider notified its customers about halting XRP trading services via its official blog.

The firm in its official release said,

Due to the SEC’s recent action against Ripple Labs, Blockchain.com will halt XRP trading beginning Thursday, January 14th at 11:59pm GMT. For all customers who have XRP balances, you will continue to have access to your XRP to send after we halt trading, but we will no longer support receiving more XRP in the Exchange.

Advertisement
Advertisement

Ripple’s Series C Lead Investor Sues The Company

The SEC lawsuit has led to a delisting spree for XRP from major exchanges including the likes of Coinbase and Binance.US. Many believe this delisting spree would make XRP almost untradable at least in the US. If the delisting of XRP was not bad enough, one of Ripple’s Series C leads investors Tetragon Financial Group is suing the company for making them invest in security.

Ripple in its defense claimed that its partnership deal with Tetragon already has a clause that if XRP is deemed as security in the future they would have the option to having Ripple redeem their Ripple equity. However, at present, the case is currently underway and they are only accused of distributing security and therefore the lawsuit filed by their lead investor holds no ground.

The official statement read,

In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go-forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity. Since there has been no such determination, this lawsuit has no merit. We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. The courts will provide this clarity and we are very confident in our position.

Advertisement
Prashant Jha
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.