Binance US To Delist Ripple Following The SEC Lawsuit: XRP Plunges Below $0.2

The US branch of the leading cryptocurrency exchange Binance has joined the long list of trading venues that will remove the XRP token from its platform. At the same time, the asset has continued with its price drops as it struggles with the $0.20 level.

  • CryptoPotato reported a few weeks back that the US Securities and Exchange Commission has brought charges against Ripple alleging the company of conducting a $1.3 billion unregistered security offering.
  • Although the payment processor claimed numerous times that the allegations were wrong, multiple crypto exchanges started delisting its native digital asset – XRP.
  • After the first wave of delisting exchanges, the largest US-based platform Coinbase also delisted XRP. Earlier today, Binance US made a similar decision announcement as well.
  • The US branch of Binance will delist XRP on January 13th, 2021, at 10 am EST. The exchange will also suspend trading and deposits. However, XRP withdrawals will not be affected at this time. The statement outlined that a withdrawal requires a tag / MEMO to complete the transaction.
  • Despite the delisting, Binance said that eligible users will still be able to claim their Spark (FLR) airdrop tokens next year. The company will provide more details on how the distribution will take place.
  • The SEC charges and the subsequent XRP removals from exchanges have caused severe harm to the token. Ripple’s native crypto lost about 70% of value in two weeks. 
  • Prior to the Binance US announcement, XRP had jumped to $0.24, but the news from the leading exchange has plummeted the token back to $0.20.
ripple-tree2-min
Another exchange down from the Ripple tree.

* Originally published here

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