US binance announces removal of XRP

Digital currency investors seem to be living a nightmare

Binance US, the Binance platform that works for US users has just announced that it will remove XRP from its platform. Trading and deposits with the asset will be suspended as of January 13, 2021.

„From Wednesday the 13th of January 2021 at 10am EST, the XRP will be removed from Binance.US. Trading and XRP deposits will be suspended“.

The company stated in a post that withdrawals of digital currency can be made normally. However, it will no longer be possible to purchase the digital asset.

Binance US is the second US broker to remove the asset, the first was Coinbase, which will also suspend XRP trades next year.

The reason for the removal is that the US Securities and Exchange Commission, the SEC, sued the company behind the digital currency, Ripple, on the charge that it sold securities without authorization.

After announcing the removal of the digital asset, Coinbase will now face collective action from angry investors who want the company to cover losses. In their view, Coinbase profited from commissions for selling the asset „illicitly.

Since it was sued by the SEC, XRP has fallen more than 70%. The devaluation in the last 24 hours is 15 percent, with the digital asset being traded for $0.19.

Besides Binance US and Coinbase, other giants, OKCoin, Bitstamp, CrossTower and Bittrex also decided to remove the asset.

The only major US brokerage company that still maintains XRP is Kraken.