Bainance USA has announced that it will remove Ripple from its list of supported digital currencies from January 13, 2021.
To Report The Block made the decision after the US Securities and Exchange Commission sued Ripple over the unauthorized offering of unregistered securities. The US branch of Bainance has announced that deposits will be suspended from January 13, but users can withdraw their funds. However, in order to withdraw replicas from the exchange, users are required to provide a unique TAG / MEMO ID. This ID in Bainance USA allows an exchange office to track deposits.
In addition to Ripple, the Securities and Exchange Commission has also sued Brad Garlinghouse and Chris Larsen, the company’s two CEOs and founders. The price of Ripple has dropped sharply since the announcement of this complaint.
Prior to Bainance, the exchanges of Coin Base, Beatrix, Beatstamp and CrossTower also removed Ripple from their list.