The global Singapore-based cryptocurrency exchange Bitbox announced on 6th of January that it will delist all trading pairs that include XRP.
Bitbox has not released the exact reason as to why it is delisting all XRP-based trading pairs, but one thing that markets suggest is that the growing concerns related to the Ripple currency might be the reason for the decision.
This is what the exchange said regarding the XRP-drop:
We keep a constant watch on all coins that are being traded on BITBOX. If a coin does not meet our standards based on its performance, reliability, liquidity, or law and regulatory requirements, it will be delisted from our exchange.
Before deciding to drop XRP trading pairs, Bitbox offered three pairs: USDT, ETH and BTC. All will be delisted by the end of January 16, 2020.
Furthermore, after January 16th, all XRP deposits will be disabled and unfulfilled orders – cancelled. Nevertheless, Bitbox’ clients will have the opportunity to withdraw their XRP holdings from the exchange within 1 month after the closing date (January 16th). Once the withdrawal periods ends, no user will be able to withdraw their holdings.
An interesting fact is that the parent company of Bitbox is LVC Corporation, which operates another exchange BitMax (in Japan) and that will continue to list the XRP-USDT token.
Ripple is undoubtedly the “financial institutions” currency, as many of these institutions use Ripple for large cross-border transactions. The fact, however, that Ripple is so centralized and basically depends on the “whims” of Ripple (the company) is troubling the crypto community more and more.