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September 13, 2021 by Chayanika Deka
With the ongoing Ripple and SEC’s legal battle, XRP’s status continues to be disputed. In a positive development, a major Japanese exchange called TaoTao has announced relisting the crypto-asset. According to reports, trading for XRP will start from the 22nd of September after the scheduled maintenance on the platform.
TaoTao, which was launched in May 2019, offers Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and Bitcoin Cash [BCH]. The crypto platform’s official announcement read,
2021年 9月 22日（水）16時00分予定
— TAOTAO（タオタオ）暗号資産取引所 (@taotao_ex) September 10, 2021
With the latest development, TaoTao joins the likes of Phemex and Japan’s Rakuten cryptocurrency exchanges to relist XRP. It is important to note that the managing firm of TaoTao had previously merged with the prominent crypto exchange affiliated to the SBI Group – SBI VC Trade which also happens to be a partner of Ripple Labs’.
XRP’s addition comes after the merger of the crypto exchange with Japan’s largest online financial conglomerate, SBI Holdings. The reports had also mentioned that the foreign exchange and derivatives arm SBI Liquidity Market had acquired all of TaoTao’s shares in October last year, thereby making it a wholly-owned subsidiary of the firm.
Coinbase quashes rumor about XRP listing
Smaller cryptocurrency exchanges have started relisting XRP, and many will potentially follow suit. The established giants such as Coinbase, Binance, and Kraken showed little interest in adding the crypto asset. Coinbase, for one, was caught up in its own tussle with the US Securities and Exchange Commission. After a minor glitch that showed XRP on its professional trading platform, the Nasdaq listed exchange refuted relisting rumors, much to the disappointment of many in the community.
As previously announced, Coinbase has suspended trading in XRP. Due to a technical issue, XRP was temporarily viewable on the Coinbase Pro mobile app for some customers but was not tradeable.
— Coinbase Pro (@CoinbasePro) September 10, 2021
Kraken’s Jesse Powell had previously sided with Coinbase’s Brian Armstrong over the exchange’s tensions with the SEC, wherein he had stated that the “regulators are beating down good actors because it’s convenient.” However, the exec made no such comments for ending the suspension of XRP on his platform.
Binance, on the other hand, has been engulfed in regulatory hurdles across the world. Hence, relisting the token will be a controversial move that could open new problems with the watchdogs in the US.
Author: Chayanika Deka