From the amount of adoption and advancements experienced in the last year, there is no doubt that 2020 has proven to be the best year for the crypto-industry. It was the year when the cryptocurrency industry got adopted by the mainstream sector.
Several financial investors and institutions made huge investments in some of the largest cryptocurrency assets. This resulted in the entire cryptocurrency industry flourishing and experiencing all-time highs. At the end of the year, it was revealed that the cryptocurrency industry has crossed the $1 trillion market cap. Mark.
However, regulators from all around the world still have their concerns around the regulatory adherence of the cryptocurrency firms. There are still many cryptocurrency exchanges that despite the pressure from the regulators, are still not adhering to policies.
This is the reason why the industry has become a safe-haven for the money launderers, criminals, and groups involved in terrorist activities. This is the reason why regulators have stressed a lot of pressure on three main factors.
In light of the above, the regulators require all firms to be registered with the regulators of the country where they operate. This ensures that the firms would take full responsibility for not adhering to a single policy.
When it comes to strict regulations and actions against the breach of the policies, the United States of America is known for delivering justice. It was towards the end of December 2020 when the Securities and Exchange Commission of the United States released a statement against XRP.
At that time, Ripple (XRP) was one of the top largest cryptocurrencies in the world. In the statement, the U.S. SEC stated that Ripple (XRP) was involved in illegally selling its securities to U.S. citizens. The Securities and Exchange Commission (SEC) stated that Ripple (XRP) did this without getting its securities through the SEC.
Therefore, the SEC announced that it was going to file a lawsuit against Ripple (XRP). Although Ripple (XRP) was gaining the same amount of success and adoption as other crypto-assets, its growth took a U-Turn from that point onwards.
Towards the end of December 2020, several small-time cryptocurrency exchanges had announced the de-listing of XRP from their platform. The exchanges feared that if they keep allowing the trading activities for XRP on their platform, it would result in them getting sued by the SEC as well.
Until now, the majority of the big-time exchanges such as Coinbase, Binance, and KuCoin have already de-listed XRP. The most recent exchange on the list is now Kraken, which is the oldest cryptocurrency exchange in the entire world.
Kraken has announced that it will be de-listing XRP for trading through its platform on January 29, 2021, at 5 pm (PT). The exchange has announced that it will only suspend the trading service for XRP while the users will be able to buy, sell, deposit, and withdraw XRP as normal.