The Canadian cryptocurrency exchange Bitbuy has announced plans to delist XRP, the eighth-largest digital asset by market capitalization, effective January 13, 2022. This move underscores growing regulatory scrutiny over certain cryptocurrencies in Canada and highlights how compliance requirements are shaping exchange listing policies.
Users will no longer be able to trade XRP against the Canadian dollar (CAD) or Bitcoin (BTC) after the delisting date. Bitbuy is urging traders to withdraw their remaining XRP holdings before the deadline to avoid potential complications.
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Why Is Bitbuy Removing XRP?
The decision to remove XRP stems from Bitbuy’s recent regulatory milestones. In early December, the exchange received approval from the Ontario Securities Commission (OSC) to operate as a registered dealer—making it the first crypto trading platform in Canada to achieve this status.
With formal recognition comes greater responsibility. Registered exchanges must comply with OSC guidelines and consider regulatory positions taken by international authorities. While the OSC hasn’t issued a direct ban on XRP, its cautious stance—particularly in light of the ongoing U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs—has influenced Bitbuy’s risk assessment.
“We will continue monitoring the status of XRP, and if anything changes, we will act accordingly.”
This statement from Bitbuy signals that the delisting is not necessarily permanent. Should future regulatory clarity emerge—especially regarding XRP’s classification as a security or commodity—the door remains open for relisting.
Regulatory Ripple Effects Across Canada
Bitbuy isn’t alone in its caution. Newton, another prominent Canadian crypto exchange, previously announced it would also delist XRP alongside Tether (USDT). These coordinated actions reflect a broader trend: domestic platforms aligning with securities regulators to ensure long-term operational sustainability.
This shift marks a maturation of Canada’s crypto ecosystem. As exchanges seek formal licensing, they must prioritize compliance over convenience. Assets with uncertain legal statuses, like XRP during ongoing litigation, become liabilities rather than assets.
Key Factors Influencing Delisting Decisions:
- Regulatory alignment: Exchanges must follow OSC guidance and global regulatory sentiment.
- Legal uncertainty: The SEC’s case against Ripple creates ambiguity about XRP’s classification.
- Risk mitigation: Proactively removing potentially non-compliant tokens reduces exposure.
- Market confidence: Demonstrating adherence to rules strengthens user trust and institutional credibility.
What This Means for XRP Holders
For Canadian investors holding XRP on Bitbuy, time is of the essence. After January 13, trading pairs will be disabled, and users may face limitations in accessing their funds through the platform.
Here’s what holders should do:
- Check your balance – Confirm how much XRP you currently hold on Bitbuy.
- Withdraw promptly – Transfer your tokens to a personal wallet or another exchange that supports XRP trading.
- Stay informed – Monitor updates from both Bitbuy and Ripple for any changes in policy or regulation.
Failure to act could result in forced conversions or extended delays in fund recovery—risks that underscore the importance of self-custody in decentralized finance.
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Could XRP Return to Canadian Exchanges?
While delisted for now, XRP’s return isn’t off the table. Bitbuy explicitly stated it will reassess its position if regulatory conditions evolve—particularly if XRP gains clearer legal standing.
In the U.S., court rulings have already provided some clarity. In July 2023, a federal judge determined that XRP is not inherently a security when sold to retail investors, though institutional sales were deemed securities offerings. This nuanced outcome has encouraged other platforms globally to reinstate XRP trading.
If similar interpretations gain traction among Canadian regulators, exchanges like Bitbuy and Newton may reverse their decisions. Until then, compliance remains the top priority.
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Frequently Asked Questions (FAQ)
Q: Why is Bitbuy delisting XRP?
A: Bitbuy is delisting XRP to comply with regulatory expectations set by the Ontario Securities Commission (OSC), particularly in light of the ongoing SEC lawsuit against Ripple and uncertainty around XRP’s classification.
Q: Can I still trade XRP on other Canadian exchanges?
A: Some platforms may still support XRP trading, but others like Newton have also announced delistings. Always verify current listings directly with each exchange.
Q: Is XRP considered a security in Canada?
A: Canadian regulators have not made a definitive ruling. However, exchanges are taking a cautious approach based on international developments, especially from U.S. courts and regulators.
Q: What should I do if I hold XRP on Bitbuy?
A: Withdraw your XRP to a private wallet or transfer it to an exchange that continues to support XRP trading before the delisting date to maintain control over your assets.
Q: Will XRP come back to Bitbuy in the future?
A: Yes, it’s possible. Bitbuy has stated it will monitor regulatory developments and may relist XRP if legal clarity improves.
Q: How does OSC registration affect crypto exchanges in Canada?
A: Registered exchanges must follow strict compliance protocols, including Know-Your-Customer (KYC), anti-money laundering (AML) standards, and asset suitability assessments—leading some to remove high-risk or legally ambiguous tokens.
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The Bigger Picture: Regulation vs. Innovation
The delisting of XRP by Bitbuy illustrates a pivotal moment in Canada’s cryptocurrency journey. As innovation accelerates, regulators aim to protect investors without stifling growth. For exchanges, balancing these forces means making tough calls—like removing popular assets temporarily.
Yet this caution may ultimately benefit the ecosystem. By adhering to clear regulatory frameworks, Canadian platforms can attract institutional investment, enhance security standards, and build sustainable infrastructure for long-term adoption.
As global attitudes toward digital assets continue to evolve, clarity around tokens like XRP will be crucial. For now, users must stay proactive, informed, and ready to adapt—just as the market demands.