LINE Corporation-owned BITBOX has suddenly revealed it will be delisting the third largest cryptocurrency by market cap, XRP, over its failure to meet its standard based on “performance, reliability, liquidity, or law and regulatory requirements”.
The Singapore-based exchange did not give the reasons it would be delisting the cryptocurrency, but it stated that any coin that fails to meet its laid down standard gets delisted, even without notice.
BITBOX is not only delisting XRP, but the platform is also delisting the three XRP pairs namely XRP/BTC, XRP/ETH, XRP/USDT.
The delisting begins on January 16, 2020, after this time, no XRP coin or pairs will continue to exist on the platform.
The exchange, therefore, enjoins all holders of XRP to cancel all orders manually before the coin is finally delisted on the platform. During this period, users have just a month to withdraw their XRP assets.
Meanwhile, at the time of writing, it is hard to ascertain the volume of XRP that BITBOX holds, as available data from CoinMarketCap indicates the platform holds no XRP. However, the volume of Bitcoin on BITBOX is close to $4 million.
A Little about LINE Corporation, Owner of BITBOX and BITMAX
BITBOX Digital Exchange is owned by LINE Corporation, Japan-based information, and fintech firm. It owns LINE messaging app, with approximately 81 million users. BITBOX, which operates from Singapore, works in other countries aside from Japan and the U.S.
Recently, LINE Corp also launched BITMAX Cryptocurrency Exchange for Japan market. The exchange is linked with LINE Pay account, a payment infrastructure by LINE Corporation. At the time of launch, BITMAX supports Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC).