Canadian crypto exchange delists XRP and USDT

Yet another crypto exchange platform has delisted Ripple due to regulatory and legal issues with the SEC around XRP. Newton, the famous Canadian crypto exchange, announced the news in a community release, stating that two coins, Ripple (XRP) and Tether (USDT), will be delisted from the platform. Moreover, the exchange also added that the delisting process would be carried out in stages.

The crypto exchange plans to first suspend XRP and USDT transfers under the first stage of the delisting. It will be turned off from December 20 at 11:59 pm ET. Following the first stage of the listing, Users will not be allowed to send XRP or USDT to Newton.

The second phase will also incorporate the stopping of trading services for XRP and USDT and is aimed to be implemented by the last day of 2021. Finally, by January 15, users will not be allowed to withdraw their XRP and USDT funds, completing the delisting process.

Interestingly, the CEO of Ripple Labs recently said that the company is making good progress in its legal fight with the SEC.

The crypto exchange’s community release suggests users move out all their XRP and USDT funds from their Newton account by January 15. It adds that any remaining XRP and USDT after the deadline will be liquidated by Newton on the user’s behalf, and the cash (CAD) will be deposited to their Newton account.

Before this, the Israelian crypto exchange eToro delisted Cardano (ADA) and Tron (TRON) amid regulatory tension.

Announcement from crypto exchange causes panic

The XRP community worldwide is in a panic mode with the recent announcement by the crypto exchange and the heavy burden of the ongoing XRP lawsuit, which is not coming to an end.

Due to the pending case, XRP holders are still unable to handle their funds in any way, including withdrawing them. Furthermore, Newton is not the only crypto exchange to have delisted XRP, making it hard for the public to interact with it.