Last updated September 18, 2024
Bitbuy has become the latest Canadian cryptocurrency exchange to delist XRP. Previously, Newton and Coinsmart also delisted XRP. It looks like NDAX and Coinberry will soon announce the same news. So why is XRP being delisted from Canadian cryptocurrency exchanges?
XRP has become the subject of a legal battle in which the US Securities and Exchange Commission (SEC) imposed a fine on Ripple lawsuitclaiming that XRP is a security. To comply with the SEC, U.S. cryptocurrency exchanges are not allowed to trade the security. The uncertainty surrounding XRP has led to XRP being delisted by major U.S. cryptocurrency exchanges like Coinbase and Kraken.
Bitbuy recently became the first Canadian cryptocurrency to receive approval from the Ontario Securities Commission (OSC) to operate as a fully registered marketplace. While this is a huge accomplishment for Bitbuy, it means the cryptocurrency exchange must adhere to OSC guidelines. Cryptocurrency exchanges operating under the jurisdiction of the OSC are not allowed to trade securities. While the outcome of the lawsuit has not yet been determined, Bitbuy decided it would be safer to delist from the exchange.
Bitbuy & Newton stated that it took into account the opinion of international regulators when making its decision.
As a regulated marketplace, Bitbuy & Newton will now be able to offer Canadians real market prices, more altcoins, no trading limits, and more trust and transparency. However, this means that Bitbuy & Newton must adhere to and remain compliant with OSC rules. Their decision to delist XRP shows the OSC that they take compliance seriously.
In January 2022, Bitbuy and other Canadian cryptocurrency exchanges will delist the XRP/BTC and XRP/CAD trading pairs, but they may relist XRP in the future depending on the outcome of Ripple’s legal battle.
If you have XRP in your account, you must delete it or risk losing it. You can:
- Sell ​​XRP for Canadian dollars and withdraw to your bank account
- Exchange XRP for Bitcoin
- Send your XRP to a private crypto wallet available to Canadians
- Send XRP to another exchange that still supports XRP
It is unlikely that XRP will be delisted everywhere, especially on exchanges outside of Canada and the US.
Can I still buy XRP?
Europe-based exchange CoinField still offers XRP, and it can be purchased directly for Canadian dollars or exchanged for available pairs.
Binance recently ceased operations in Ontario due to OSC regulation. Binance offers margin trading, futures trading, and leverage trading – things that the OSC does not allow. Therefore, it is unlikely that Binance will delist XRP.
You can also transfer your XRP to Gate.io, Uphold, or Kucoin. All of these exchanges are located outside the country and therefore are not required to follow OSC guidelines or SEC findings regarding XRP. We have analyzed each of these exchanges so you can choose the best one for you. Read our full guide on how to buy XRP in Canada here.
The SEC regulates the United States. Its rules do not apply to the rest of the world. While Canadian regulations often closely follow those in the US, cryptocurrency exchanges in other parts of the world do not have to follow what the SEC says. XRP will therefore continue to be available on international exchanges unless regulators in other countries also issue guidance on XRP.
