Top Canadian crypto exchange Newton delists Ripple (XRP) and Tether (USDT)

Tue 07 Dec 2021 ▪ 12h15 ▪ 2 min read — by Susan McCormack

Leading Canadian cryptocurrency exchange Newton has announced that it’s delisting XRP and USDT due to regulatory and legal controversy surrounding the tokens.

Newton waves goodbye to XRP and USDT

Coingape reports that the reason for Ripple (XRP) and Tether (USDT) getting delisted lies in regulatory and legal disagreements. Their removal from Newton will take place in two stages.

Firstly, users will lose the ability to make deposits in XRP and USDT. The exchange reports the coins will be disabled by 20th December.

The second stage of delisting includes suspending any trading operations with XRP and USDT. This process is said to be completed by 31st December. From that very moment, users will have only two weeks left, until 15th January, to withdraw the assets from Newton.

After that, all XRP and USDT remaining on Newton customers’ accounts will be automatically sold at the current market rate.

“You must ensure that all remaining XRP and USDT has been moved out of your Newton account by the 15th January deadline. Any remaining XRP and USDT after this deadline and any subsequent reminders will be liquidated by Newton on your behalf, and the cash (CAD) proceeds will be delivered to your Newton account,” stated the community release.

The news shook XRP community. The lawsuit with the SEC dragged on, concerns among XRP hodlers are growing. Quite a few had their XRP assets end up on “frozen” broker pension accounts and now they have no way to manage the savings.

The SEC’s case against Ripple is far from over. More centralised crypto platforms continue to delist XRP, which is quite ruinous for the community.

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Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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