BitBox communicated yesterday (07/01), with an announcement on its website, which will provide for the delisting of XRP on January 16th; the exchange created by the Japanese messaging giant (Line) and controlled by the South Korean Naver Corporation, did not provide any clarifications regarding this decision but limited itself to declaring that:
We maintain constant control over all the coins that are exchanged on BitBox. If a coin does not meet our standards based on its performance, reliability, liquidity or legal and regulatory requirements, it will be eliminated from our exchange. To protect your assets and interests, we provide sufficient notice before delisting.
The users of the platform will therefore have to close all their operations by next January 16th, the date from which the delisting will become operational, while to withdraw their coins they will have time until February 16th, the date from which BitBox will close the own XRP wallets.
The markets, however, do not seem to have been shaken much by this news, just yesterday, in fact, XRP scored a strongly bullish daily session, as they had not seen for some time and, despite a very heavy retracement today , appears to be close to a reversal.
Although BitBox did not provide any explanations whatsoever regarding its choice, it is difficult not to trace this matter back to the different lawsuits underway in the US involving ripples and in which it is being discussed precisely whether XRP can be considered a sort of bond sold illegally on the market ; in practice what could have happened is that, following a study on the possible legal implications for the exchange, BitBox has come to the conclusion that, if the pending lawsuits in the USA were not concluded in favor of ripple, this would inevitably have the repercussions on your business.
In other words, an exchange like BitBox could be called upon to compensate investors for not having adequately supervised the listed products in the event that the price of XRP plummeted following a possible ruling by a US court. , which condemned ripple for placing on the market a token that is configured like a utility; clearly ours are only guesses, as said the exchange has not provided any explanation regarding its decision to proceed with the delisting of XRP, so, apart from working fantasy, there is not much left to do but wait for a clarification from part of BitBox, or some other platform should such a choice be imitated by other exchanges in the coming days.
