Messaging app Line has announced it is delisting XRP from its crypto exchange later this month, after the token failed to meet the minimum standards expected by the exchange.
BitBox, a Singaporean subsidiary of Line which operates its cryptocurrency exchange business, announced the decision on a notice published to its website, in which it flagged the reasons for delisting tokens from its exchange.
Most notably, the exchange said it keeps a constant review of its listed tokens, and delists those that no longer “meet our standards,” based on a number of different criteria.
“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. To protect your assets and interests, we provide sufficient notice before delisting.”
XRP is set to be delisted at midnight on the January 16, which will see all of its crypto pairs removed, including ETH, USDT and BTC:
“Starting at 23:59:59 (UTC) on January 16, 2020, delisted coin and pairs will no longer be available for deposits and trades, and all unfilled orders affected by the delisting will be canceled automatically. To ensure the safety of your assets, we recommend you cancel all orders manually before the mentioned coin is delisted.”
Users have been advised to close all affected trades in advance of the deadline. The exchange has permitting users until February 16 to remove the coin from their exchange.
The announcement is a major blow for XRP, which is currently the third largest cryptocurrency by market cap. While LINE and BitBox has yet to comment on the specific reasons for the delisting, it has said it does not intend to dump its holdings on the market, which would further impact on XRP price.
XRP has historically accounted for only 0.02% of BitBox trading volume, with traders far preferring other crypto assets. Nevertheless, the decision will still affect those with holdings or positions in XRP, which must now be concluded by the January 15 delisting deadline.
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