CoinGate's XRP support to 4,000 shops and vendors is ending.
XRP, which could not recover after the lawsuit filed by the US Securities and Exchange Commission , continues to receive bad news all the time. Much of the bad news received by XRP investors came in the week of the case. Following this, delist news of medium-sized or low-importance platforms came and still continues to come.
CoinGate Suspends XRP Support
CoinGate, one of Europe's leading cryptocurrency payment companies, announced that it will suspend XRP payments. CoinGate said in a statement on Twitter that this was entirely due to the lawsuit filed against Ripple. After the suspension, more than 4,000 shops and sellers across Europe who can receive XRP payments will be deprived of it.
CoinGate is launching its XRP suspensions from January 15, 2021. The SEC sued XRP on December 22, 2020, and announced that the executives were selling unlicensed securities via XRP. Many cryptocurrency exchanges and cryptocurrency payment providers suspended their XRP services, despite the lawsuit.
CoinGate Is Targeted For XRP Investors
Although the cryptocurrency exchanges serving in the USA and regulated by the USA, delisting XRP is seen as a measure against the risks, it was surprising that the stock exchanges in Europe did this. The fact that CoinGate, a European-based company, took such a step caused serious criticism on Twitter.
Companies Overreact to XRP
It seems that in the last 24 hours, CoinGate's Twitter account was replied with many critical tweets. However, it can be predicted that other cryptocurrency companies will join CoinGate in the coming days. So what exactly will happen if XRP is indeed declared a security, and are XRP investors justified in the criticism?
It is known that if XRP is declared a security, individual investors will not be able to trade and companies providing services in this regard will be penalized. However, companies that are not affiliated with the US regulators are unlikely to have problems in this regard. An example is Japan's financial regulator declaring that XRP is not a security. Whether XRP is a security will be determined not at the end of all these discussions, but at the end of the Ripple case .