XRP Loses Its Spot In Yet Another Cryptocurrency Exchange Amidst SEC Lawsuit

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February 19th 2021

Just when all the assets in the crypto-verse have been surging to new highs, XRP was seen struggling to retain itself above $0.6. While this isn’t a bad number considering the previous low that XRP had hit, the community was seen losing hope in the altcoin.

This year started on a bitter note for both Ripple and the XRP community. The lawsuit that the Securities and Exchange Commission of the United States slapped Ripple with had almost destroyed XRP. Right after this lawsuit went public, an array of crypto platforms went on to remove support for the asset.

XRP Bids Adieu To PayBito Exchange

While Ripple revealed that a team of 21 lawyers was taking over Ripple’s fight against the SEC, another crypto exchange has shot down support for the altcoin. Prominent US-based cryptocurrency exchange, PayBito in a recent announcement pointed out that it had suspended all the XRP trading pairs on the exchange.

Similar to all the other crypto platforms like Kraken, OKCoin, as well as Coinbase, PayBito announced that it would observe how the lawsuit would turn out to be. The managing director of PayBito, Raj Chowdhury, elaborated on the same and assured that the funds of the customers were safe. He said,

“PayBito remains committed when it comes to being the most reliable trading platform for cryptocurrencies. We aim to offer our users wide access to a broad assortment of assets, thereby following the mission of building an open financial system for users across geographies. Our decision for suspending XRP trading will certainly not affect our users’ access to factors like security and compliance, thereby allowing them to transfer XRP’s from their wallets to other exchanges”

Amidst this, a few exchanges like Uphold have continued supporting the altcoin while they await the verdict of the court.

In a recent court document, it was even affirmed that the SEC wasn’t willing to settle with Ripple in the visual pre-trial that is scheduled for 22 February 2021.

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