XRP Lawsuit: Blockchain.com Becomes Latest Platform to Delist XRP
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.
Due to the SEC’s recent action against Ripple Labs, https://t.co/0DZyULavbV will halt XRP trading beginning Thursday, January 14th at 11:59pm GMT.
Learn more here: https://t.co/XUviyNJtp6
— Blockchain.com (@blockchain) January 5, 2021
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.
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.
- Ethereum Leads $1.1 Billion Crypto Market Liquidation, Experts See Buy The Dip Opportunity
- Nasdaq-Listed AlphaTON Kicks Off Treasury Strategy, Buys $30M in Toncoin After $71M Raise
- XPL Token Soars 52% as Plasma Mainnet Launch Ignites Trading Frenzy
- ETH Treasury Firm SharpLink to Tokenize SBET Stock on Ethereum
- First Ethereum Staking ETF Begins Trading, Boosting ETH Demand
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
- Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern
- HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain
- Will Pi Coin Price Recover Before Month-End After Payochain Listing?
- Chainlink Price Prediction as Whales Buy 800K LINK — Can the Demand Zone Launch a Recovery?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
