One of the cryptocurrency exchanges operated by Japanese messaging giant LINE, BitBox, is delisting XRP, the third-largest cryptocurrency by market capitalization, behind only bitcoin and ether.
According to the trading platform’s announcement, it’ll be dropping trading pairs that see XRP trade against bitcoin, ether, and Tether’s USDT stablecoin. The cryptocurrency is set to be delisted on January 16.
BitBox didn’t cite a specific reason for the move, but noted it delists cryptoasset when they don’t meet certain standards. The announcement reads:
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.
The cryptocurrency trading platform’s users will have until February 16 to withdraw their XRP holdings, and will no longer be able to trade and deposit from January 16.
BitBox is one of two cryptocurrency exchanges LINE operates. It was launched in July 2018 and helps the firm serve its 80 million users. The other exchange, Japan-based BitMax, received a license to operate in September of last year and uses the same back-end resources as BitBox, a Singapore-based platform.
When BitBox was launched, LINE’s CEO Takeshi Idezawa explained the move into the cryptocurrency space would help the company expand. It came as a part of a broader move into the financial sphere, as the company was looking to reduce its reliance on advertising revenue.
Featured image via Pixabay.
