US Exchange Binance Removes XRP After SEC Files Lawsuit Against Ripple

Crypto exchange Binance US announced that starting Wednesday, January 13, 2022, at 10 a.m. EST, XRP will be removed from Binance.US listings. XRP trading and deposits will be suspended.

However, withdrawals remain unaffected at this time. Binance US is the latest crypto trading venue to suspend XRP support in the US after the Securities and Exchange Commission (SEC) sued Ripple earlier this month alleging it had been selling XRP as an unlisted security for more than seven years.

Ripple Continues To Have Issues With Its XRP ICO

As previously reported, Coinbase plans to suspend trading in the digital currency XRP after the US SEC last week accused Ripple-linked blockchain firms of conducting a US$1.3 billion offering of unlisted securities. The financial regulator named Ripple CEO Brad Garlinghouse and co-founder Chris Larsen in the lawsuit. Coinbase said XRP trading was restricted from 2:30 p.m. Pacific time on Monday and will be completely suspended on January 19 at 10 a.m. The lawsuit has brought a lot of trouble to the blockchain company Ripple at once.

Ripple Plans To Fight The Lawsuit

Ripple CEO Brad Garlinghouse said that the blockchain company plans to fight the lawsuit in a series of Tweets. The Ripple CEO noted that the SEC – which is not in line with other G20 countries & other US governments – should not be able to choose what innovation looks like (especially when their decisions directly benefit China).

Ripple executives insist that XRP is independent of Ripple and is not a security. “We are ready to fight and win – this battle has just begun,” Garlinghouse wrote. Ripple has maintained an escrow account of around 50 billion XRP, or about half of the total supply, which CTO David Schwartz says has been ‘given’ by the creator of the third-largest cryptocurrency.

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