Coinbase Will No Longer Host XRP And BCH Tokens On Its Exchange
Crypto exchange, Coinbase has retracted its stance on some tokens stating it will no longer support Ripple’s XRP and Bitcoin Cash on its platform due to their low sales and trading volumes.
Coinbase Retracts Support
According to a recent announcement from the cryptocurrency exchange Coinbase, due to low usage and trading volume, it will no longer support and permit trading activities for some XRP and BCH tokens on its platform.
However, the team proposed December 5th as the day it would completely halt trading in these coins.
Users who already own these tokens can still access them using their Coinbase wallet recovery phrase.
These coins would no longer have access to the network’s decentralized applications due to these recent changes in the exchange.
Coinbase’s platform now supports over nine networks, including the Ethereum network.
Solana, Binance smartchain network token, BNB, Polygon, and a few others are among these networks.
According to Counbase, the low trading activity on tokens such as BCH, ETC, and XRP prompted the exchange to withdraw support for these tokens on its platform.
The grace period will last until December 5th, after which the firm will no longer support these tokens. In addition, no transaction, whether withdrawing or depositing, will be hosted on this platform in relation to the aforementioned tokens.
However, this does not mean that users’ holdings will be useless and unrecoverable, the team already stated that users would be able to recover and move their assets by logging in with their recovery phrase on any other wallet platform that supports these networks.
Root Cause Of This Action
This development from Coinbase came after the SEC recently ordered U.K.-based exchanges to delist the XRP token from their exchanges and marketplaces. This directive culminated from a two-year-old legal dispute between Ripple and the SEC.
The SEC dragged this case to court after alleging that Ripple was in possession of unregistered security tokens.
On the other hand, Ripple has pushed back against this case, claiming that the SEC was disregarding the rules that the cryptocurrency space was governed by and judging and throwing allegations blindly.
This case resulted in organizations, including the Coinbase exchange, submitting amicus briefs in support of Ripple. However, the case has been rallying for a long time, with hopes of victory shifting intermittently from both sides.
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