The ‘Ripple’ effect that started out in the USA seems to have hit the shores of Canada leading to the delisting of XRP.
What started out as a lawsuit in the USA by the SEC against Ripple Labs Inc. is now taking a toll on one of the largest cryptocurrencies in the market. Bitbuy, a Canadian cryptocurrency exchange platform, has announced that it will be delisting XRP as of January 13, 2022.
Earlier, the Securities and Exchange Commission [SEC] of the USA had charged Ripple Labs Inc. and two executives of conducting a $1.3 Billion unregistered securities offering through XRP. This drift caused many crypto exchange platforms to start removing XRP. Coinbase, Crypto.com, OKCoin, and other platforms immediately delisted the said altcoin due to the conflict between the SEC and Ripple. Following the same trend, the Ontario Securities Commission [OSC] has reinvented laws regarding XRP, causing more plunge to the cryptocurrency.
XRP holders to withdraw funds from Bitbuy
Bitbuy has requested its users to withdraw their balance from their accounts to an external wallet, or trade their balance into other coins or Canadian dollars before 13 January 2022 at 9 am EST. They have also announced that a grace period of 30 days will be given from the said date to withdraw their funds, but trading will not be permitted at the time.
In order to abide by the Canadian law in Section 20 of the Ontario Securities Commission exemptive relief decision, Bitbuy is required to apply policies and procedures to determine whether the altcoin is a security and or a derivative.
The cryptocurrency trading platform, Bitbuy left its users with some hope by stating,
“These policies must consider the opinion of international regulators, including the regulator with the most significant connection to a crypto asset. We will continue to monitor the status of XRP and should things change we will act accordingly.”
This bethrowing of XRP could be one of the reasons behind the descent of the altcoin’s value. At the time of writing the price of the asset had plunged by 4.81% in the last 24 hours.