Canadian cryptocurrency exchange Bitbuy announced on January 13, 2022 that it will delist XRP, the seventh-largest cryptocurrency by market capitalization.
The exchange offered services in XRP/CAD and XRP/BTC trading pairs. But in January, both trading pairs will be removed from the trading platform.
Bitbuy has urged users to withdraw any remaining tokens from the exchange before the delisting takes place. The exchange also announced that, as the good news, XRP will be replaced by cryptocurrencies that have not yet been announced.
Registration confirmation from OSC
In early December, Bitbuy received approval from the Ontario Securities Commission (OSC) to operate as a fully registered seller, making it the first crypto trading platform in Canada to achieve such success.
In its announcement regarding XRP, the exchange stated that it must follow the OSC’s guidelines to decide whether a particular cryptocurrency can be classified as a security. Bitbuy thinks that the views of international regulators should also be taken into account.
The exchange also added that XRP may be relisted on the platform when there are regulatory environment changes:
“We will continue to monitor the status of XRP and act accordingly if things change.”
As we reported earlier this month, Newton, one of Canada’s leading cryptocurrency exchanges, announced that it will delist XRP along with its largest stablecoin, Tether.
The landmark lawsuit of the US Securities and Exchange Commission against Ripple was filed nearly a year ago and sparked a protracted legal battle. In January, a number of US-based exchanges including Coinbase, Kraken, Binance.US, and other trading platforms took action to halt XRP trading amid regulatory uncertainty surrounding the cryptocurrency.
The lion’s share of XRP’s trading volume comes from Binance and Huobi.