BitBox’s Delisting Announcement
In a surprising move, BitBox, the cryptocurrency exchange under the wing of messaging giant Line, declared it will be delisting XRP effective January 16. This news broke on January 6, when the exchange posted a notice stating, “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…” Sounds like the cryptocurrency equivalent of a breakup text.
What’s Next for XRP Users?
For those trading XRP, it’s time to act! BitBox has advised all users to cancel their trades ahead of the midnight cutoff. After XRP becomes a ghost on the platform, users will have until midnight February 16 to withdraw their remaining assets. So, if there are any last-minute trades you thought about making, this is your sign—it’s time to wrap it up!
The Mystery of the Delisting
Why, oh why, would BitBox choose to delist XRP? The reasons remain a bit hazy. Despite numerous inquiries, the platform hasn’t shed light on their motives. According to recent data from CoinMarketCap, XRP contributed a mere 0.02% to BitBox’s trading volume. Not a staggering number, but enough to think twice about ditching the third-largest cryptocurrency by market capitalization, sitting pretty at around $9.4 billion.
The Bigger Picture for BitBox
Launched in June 2018, BitBox has carved its niche apart from just being an exchange; it’s backed by a major player in messaging apps. At first, it was all about crypto trading for international users, steering clear of the U.S. and Japan. But in a plot twist worthy of a telenovela, it secured a crypto exchange operating license from Japan’s financial authorities in September, further expanding its reach.
What Does This Mean for XRP Holders?
Brad Garlinghouse, the CEO of the company behind XRP, didn’t sit in silence. He addressed concerns about potential price manipulation, claiming they wouldn’t “dump” their holdings, despite previous large sales. As holders of XRP, this raises an eyebrow or two. If a giant in the industry says they can’t influence prices, it begs the question—who can? Keep your eyes peeled because the crypto world keeps spinning, with twists and turns around every digital corner.
