According to BitBox, the platform for cryptocurrency exchange will cease all trading and will not accept any of the XRP-based trading pairs, excluding BTC. By the start of January 16, trading with the three trading pairs will be a thing of the past.
Why is BitBox Refusing to Trade XRP Anymore and Keeping BTC?
BitBox, the cryptocurrency exchange platform with services all over the world, has just released a statement of its decision that all XRP-based trading pairs will be de-listed. Despite the fact that there was no specific reason mentioned by the company on this decision, there are allegations where traders believe that the new digital currency of Ripple might be the cause.
“We keep a constant watch on all coins that are being traded on BITBOX,” the cryptocurrency exchange stated. “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. To protect your assets and interests, we provide sufficient notice before delisting.”
BitBox, which is a cryptocurrency exchange platform that is based in Singapore, currently provides three XRP trading pairs. These pairs exclude: BTC, ETC, and USDT. All three pairings will be de-listed by the end of January 16. With XRP out of the way, many traders who are loyal to BitBox will have a tendency towards the three other currency pairs.
What Happens to the XRP Traders in BitBox?
After the date of January 16, the global cryptocurrency exchange will begin the process of disabling any deposits and cancel all foregoing orders that refer to XRP. However, the traders of BitBox will have an additional month to withdraw all their funds in XRP from the cryptocurrency exchange platform.
“If you own any of the delisted coin on BITBOX, please withdraw it during the withdrawal period at the latest. You won’t be able to withdraw this coin once the withdrawal period ends,” the statement added.
However, despite the adamant decision of BitBox, other cryptocurrency exchanges are not following in its footsteps. BitBox’s parent company, LVC Corporation, which also functions as another local cryptocurrency exchange in Japan, still plans on continuing to exchange XRP against USDT. Also, Binance, one of the most famous cryptocurrency exchanges all over the world, is getting aggressive on XRP. They currently introduced perpetual contracts based on its platfor, where the contracts provide traders with seventy-five times the leverage.
It is still unclear the reason behind the decision of BitBox.