Major Canadian crypto exchange Newton pulls XRP from platform

Canadian crypto exchange Newton announced the news via a community release. The platform mentioned that they will be removing two tokens, XRP and USDT. In addition, Newton Exchange emphasized that the delisting process will be phased in.

Newton exchange sets deadlines for users

The first deadline has been set for the suspension of XRP and USDT transfers. These will be disabled by December 20 at 11:59 PM EST.

After the first phase of removal, users will not be able to send XRP or USDT to Newton. In addition, the second phase includes the suspension of trading services for XRP and USDT, which will be implemented by December 31. Finally, by January 15, traders will no longer be able to withdraw their XRP and USDT funds, completing the withdrawal process. The community release stated the following:

“You must ensure that all remaining XRP and USDT are removed from your Newton account by the January 15th deadline. All XRP and USDT remaining after this deadline and all subsequent reminders will be liquidated by Newton on your behalf and the cash (CAD) proceeds will be deposited into your Newton account.”

XRP community victim of lawsuit

The XRP community around the world is panicking, with the pending XRP lawsuit appearing to be leaning towards an SEC-influenced settlement. In the latest update in the lawsuit, the judge ordered both sides to submit additional briefs by Dec. 8, due to Ripple’s motion of coercion, given the change under the Privilege Deliberation Process (DPP), referring to the Nov. 29 decision of the U.S. Court of Appeals. Appeal in an unrelated case.

However, with one extended deadline after another in the case, the only victims are XRP holders with frozen assets. In the month of October, Attorney Deathon approached the court. This was possible because Deaton had obtained amici curiae status. He spoke in court on behalf of the XRP community to refuse further extensions.

A large number of XRP holders have their XRP in “frozen” retirement brokerage accounts. As a result, XRP holders will not be able to access or withdraw their funds in any way due to the pending lawsuit. In addition, most crypto exchanges have delisted XRP. This makes it virtually impossible for the community to do anything with the token other than hold it.

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