Binance’s Stance on XRP Trading Amid Legal Challenges
During the turbulent legal confrontation with the U.S. Securities and Exchange Commission (SEC), Binance chose to continue offering XRP trading on its global platform, according to founder Changpeng Zhao. Despite many U.S.-based exchanges opting to delist the cryptocurrency amid the lawsuit against Ripple, Binance’s main website never halted transactions involving XRP. This move illustrates a clear distinction between Binance.com, which operates worldwide, and Binance.US, which faced regulatory pressures leading to the suspension of XRP trading as early as January 2021.
Support for XRP and Market Liquidity
Zhao emphasized this point through a post on X, where he pointed out,
“FWIW, Binance.com never delisted XRP,”
in response to Ripple CEO Brad Garlinghouse revealing the end of cross appeals related to their legal battles. This consistent backing of XRP by Binance’s international platform played a vital role in maintaining liquidity for the token, even as countless exchanges in the U.S. distanced themselves from XRP during a precarious period.
Background of the SEC Case Against Ripple
The SEC launched its high-profile case against Ripple in December 2020, alleging that the company was involved in an unregistered sale of securities through XRP. In the wake of this, major U.S. exchanges including Coinbase and Crypto.com promptly suspended XRP trading. Bittrex, OKCoin, and Blockchain.com soon followed suit, contributing to a significant decline in places where XRP could be traded.
Recent Developments and Market Performance
As XRP begins to see a resurgence with the lifting of suspensions by U.S. exchanges, the strategic choice by Binance to keep trading the asset on its global platform has helped bolster XRP’s market presence amid a broader industry backdrop of regulatory uncertainty. Currently, XRP’s performance shows slight declines of 0.2% in the last 24 hours and 0.4% over the past month, although it has rebounded impressively over the past year with gains nearing 361.1%. Following improved legal standings for Ripple, Binance.US has also recently reinstated trading for XRP, reflecting a shift in the regulatory landscape.
