Some regulated exchanges have already began removing XRP with Beaxy, which handles just $100,000 in trading volumes, stating:
“The SEC has charged Ripple with conducting an unregistered security sale. Due to this, Beaxy has halted trading for XRP pending further news. XRP withdrawals will remain enabled until further notice.”
CrossTower handles a bit more, close to $1 million. “CrossTower made the decision to remove XRP from its US-based trading platform – effective immediately,” it said.
While OSL claims to be a leading digital assets platform providing SaaS, brokerage, custody and exchange products licensed in Hong Kong.
Their volumes aren’t available, but the exchange said “we have suspended all XRP payment in and trading services on the OSL platform, effective immediately and until further notice.”
This might be just the beginning for XRP after SEC announced charges against Ripple Inc.
The latter has previously announced numerous partnerships with banks which may now be affected as XRP’s status becomes unclear.
Other regulated exchanges that are not registered with SEC will probably have to stop providing XRP services too until the situation resolves.
Coinbase is SEC registered. Bitfinex generally doesn’t care. Nor Binance. But what either will do remains to be seen.
Bitstamp is regulated in the EU. They’re one of the first exchanges to support XRP, so they’ll probably try all they can to keep it trading, but this is the first time SEC has designated a running and widely traded crypto to be a security.
Therefore, all these exchanges will probably have to take legal advice and announce whether they will continue offering XRP trading or otherwise.
In the case of the latter, it will be interesting to see what the XRP-ers on those platforms that stop trading do after the decision is made.
They may well go to cryptos classified as commodities, like bitcoin or eth, or to fiat and exit crypto completely, or they may take their XRP to an exchange that still offers trading pairs.