While the company remains committed to transparency, he hinted that future reports might undergo some changes. However, Garlinghouse revealed that these reports were later turned against Ripple in the SEC’s lawsuit. The reports were initially introduced to enhance transparency in the cryptocurrency industry by voluntarily offering updates on Ripple’s XRP holdings. 2, Ripple CEO Brad Garlinghouse expressed his disapproval of the United States Securities and Exchange Commission (SEC) for using Ripple’s quarterly XRP Markets Report as evidence against the company in the ongoing lawsuit. Ripple CEO Brad Garlinghouse disapproves of SEC’s use of XRP markets report Securities and Exchange Commission (SEC) filed another lawsuit, accusing Binance of benefiting at the expense of investors.ĭespite these developments, Binance has not officially commented on the reported discussions. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and Zhao on March 27, alleging trading violations. regulators, Binance and its CEO, Changpeng Zhao, have become targets of legal action. Shroder expressed concerns that a sudden shutdown would adversely affect users, who would be compelled to move or liquidate their assets quickly.įacing increased scrutiny from U.S. However, a unanimous decision could not be reached, as Binance.US CEO Brian Shroder opposed the idea. While Binance declined to comment on the matter, anonymous sources cited by a tech media outlet revealed that the board of directors at Binance.US initiated a vote to liquidate the company. entity, Binance.US, to safeguard its global operations. armīinance, the popular crypto trading platform, has reportedly faced internal discussions about potentially shuttering its U.S. Quick weekly news Binance CEO reportedly considered shutting down U.S. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram. However, over the past seven days, the token price has experienced a decline of over 2%.We have brought together the past week’s most exciting events in this Good Crypto digest. Interestingly, despite this, a group of institutional investors have taken long positions in XRP. In recent weeks, the price of XRP has remained stagnant, hovering between $0.47 and $0.49, largely due to the looming uncertainty surrounding these legal developments. These lawsuits allege violations of securities laws. The delisting occurs at a time when Binance and Ripple have ongoing lawsuits filed by the SEC against both Binance and Ripple, two significant participants in the XRP market. Notably, eight of these trading pairs involved cryptocurrencies like Avalanche (AVAX), Axie Infinity (AXS), Polkadot (DOT), Fantom (FTM), Chainlink (LINK), Sandbox (SAND), and Shiba Inu (SHIB) paired with the Australian dollar (AUD). The tokens’ values fluctuate in accordance with the price movements of the underlying cryptocurrency, facilitated by a sophisticated algorithm that dynamically adjusts the token’s leverage in real time.Įarlier this year, Binance removed 21 spot trade pairs from the market. These leveraged tokens provide traders with an opportunity to amplify their exposure to specific cryptocurrencies, such as XRP. The conversion will be based on the net asset value of the tokens at that specific time. Users have been advised to redeem their tokens using the wallet feature prior to the specified date, as both leveraged tokens, which allow users to take long or short positions on $XRP, will no longer be available on the platform.Īs per the announcement, if users choose to hold onto their leveraged tokens after the delisting, Binance will convert them into Tether’s USDT stablecoin. Let’s explore the potential impact of this decision on the XRP token and the broader cryptocurrency industry as a whole.ĭelisting of XRPUP and XRPDOWN Leveraged Tokensīinance made an announcement regarding the delisting of its XRPUP and XRPDOWN leveraged tokens, scheduled to take effect on July 25. This announcement comes at a time when Binance and Ripple, the parent company of XRP, are both dealing with lawsuits against the US Securities and Exchange Commission (SEC). In a recent development, the leading cryptocurrency exchange, Binance, has revealed its decision to delist and discontinue the redemption of XRPUP and XRPDOWN leveraged tokens starting from July 25, 2023, at 06:00 (UTC). The post Ripple News: Binance Delists XRP Leveraged Tokens Amidst SEC Lawsuit appeared first on Coinpedia Fintech News
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