Top Crypto Firm Relists Ripple (XRP) Token On Its Platform
One of the world’s largest virtual assets firm, BitMart has relisted Ripple’s native token, XRP. This comes after U.S. regulators ordered U.S. exchanges to delist the XRP coin from their platforms.
XRP Up For Trading On BitMart
BitMart, a top virtual asset trading firm, has relisted Ripple’s native coin XRP on its platform. Investors and users can now perform trading activities with this token by trading it in pairs with the USDT stablecoin.
This pair trading began today, with deposit activities beginning at 7:00am UTC and trading activities beginning one hour later.
This relisting on the BitMart Exchange has sparked excitement in the Ripple community, since XRP holders now have access to multiple exchanges to conduct their trading activities in a more seamless and efficient manner.
This also benefits the BitMart firm because it now offers a wide range of assets for investors and consumers to trade on its platform.
The case with Ripple and its XRP tokens dates back to 2020, when major exchanges such as Coinbase moved to delist XRP from their platforms following an SEC investigation.
According to the SEC, Ripple’s native coin, XRP, was not registered as a security and was deliberately used by the firm to conduct trading activity. They accused Ripple of intentionally marketing unregistered securities to investors.
This claim disrupted exchange activity owing to the fact that they would be sanctioned if caught dealing these XRP tokens that were labeled unregistered securities, and as a result, most exchanges proceeded to delist it and cut all ties with the token.
Are Cryptocurrencies Securities or Commodities?
The SEC argues that XRP tokens represent financial investment that should be regarded as a security and subject to securities regulation. This statement had an impact on the price of the token, causing it to plummet as its activities and trade volume decreased dramatically.
In a recent case involving the Mango Market Defi platform and its MNGO tokens, the court presiding the case concluded that cryptocurrencies are commodities, not financial securities.
This resulted in individuals using it as a deterrent against SEC accusations that the XRP token is merely a commodity and not a security.
Speculations indicate that this may have prompted the BitMart exchange to relist it on its exchange for trading purposes.
However, if Ripple loses this lawsuit to the SEC, most exchanges that now list this token will be forced to delist it.
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