Binance is the latest crypto trading venue to suspend XRP support in the U.S., after the Securities and Exchange Commission (SEC) sued XRP’s original creator Ripple last week.
According to an announcement Wednesday, Binance.US will delist XRP, effective 10:00 a.m. ET on Jan. 13, 2021. Binance US customers will not be able to deposit or trade XRP on the platform at that point. XRP withdrawals remain unaffected at this time, but will require a deposit tag/memo stipulated on the Binance.US website.
At the time of writing, XRP is currently trading at $0.21, up 7.2% in the last 24 hours. The price of XRP recorded a 67% fall in the past 30 days.
In the announcement, Binance US noted delisting will not affect users from claiming their Spark (FLR) token distribution in 2021.
Coinbase to Suspend XRP Trading
Binance’s XRP delisting action comes days after Coinbase announced to suspend XRP trading next month.
Coinbase will suspend XRP trading on its cryptocurrency exchange globally, effective on Jan. 19.
Other exchanges to delist or suspend XRP trading include Bittrex, OKCoin, Bitstamp, among others.
“Kraken is now officially the last major exchange serving U.S. customers that hasn’t yet delisted XRP,” The Block’s Larry Cermak tweeted. “Announcement must be imminent.”
Last week, SEC filed charges against Ripple alleging the firm and two of its executives sold unregistered securities. According to the SEC suit, Ripple, CEO Brad Garlinghouse and Chairman Chris Larsen have sold some $1.3 billion in XRP since 2013.
The SEC alleges that Ripple did not register XRP as a security, of which it holds nearly 50 billion in escrow.
The court has scheduled a pretrial conference on Feb. 22, 2021, CoinDesk reported citing public court records.