Media reports have recently revealed that the controversial token issued by Ripple Labs is currently facing issues in Canada. The token gained controversial status last year when the Securities and Exchange Commission of the United States filed a lawsuit against two top executives of Ripple Labs, Brad Garlinghouse and Chris Larson, for dealing in unregistered securities.
However, XRP has managed to salvage its position within the top 5 cryptocurrencies on the global leaderboard despite all odds. Meanwhile, the defense has argued repeatedly in the court of law that the financial regulator is biased favoring tokens like Ethereum and Bitcoin. Recently, a regulated cryptocurrency exchange in Canada called Bitbuy has announced the delisting of XRP.
Bitbuy is the first cryptocurrency exchange to acquire a license from the Ontario Securities Commission or OSC. It is also the only regulated crypto market in Canada this year. According to the latest bulletin issued by the company, XRP is going to be removed from the trading platform due to issues with international trading laws violations.
It is worth mentioning that Bitbuy allows investors to use Bitcoin and the Canadian dollar to obtain XRP tokens. Bitbuy management has directed its users to withdraw any tokens on the network before the end of the provided period. Bitbuy also plans to replace XRP with another crypto token without a regulatory issue.
Newton is another cryptocurrency exchange operating out of Canada that has delisted XRP tokens earlier this year. Alongside XRP, the Canadian exchange platform has also planned to delist stablecoin project USDT or Tether. On the other hand, the top cryptocurrency exchange platforms in the United States like Coinbase, Kraken, and Binance have also delisted XRP after the SEC lawsuit.
At present, the lawsuit has managed to create an impression in the cryptocurrency market that it can make a huge impact on the future of the regulatory framework for the entire industry in the future. It is worth noting that massive interest for the XRP token comes from the exchange platforms like Huobi and Binance. There is still a chance that these platforms with a massive following in Asian markets are going to suspend the token in the near future.