The growing trend of Canadian cryptocurrency exchanges delisting XRP has raised concerns among investors and crypto enthusiasts across the country. Bitbuy, one of Canada’s most trusted platforms, recently joined Newton and Coinsmart in removing XRP trading pairs. With NDAX and Coinberry expected to follow suit, many Canadians are asking: Why is XRP being phased out by domestic exchanges?
This article explores the regulatory, legal, and compliance factors behind the delistings, what it means for Canadian investors, and where you can still access XRP if needed.
The Ripple vs. SEC Lawsuit: A Global Ripple Effect
At the heart of the issue is the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). In December 2020, the SEC filed a lawsuit alleging that Ripple’s sale of XRP constituted an unregistered securities offering. This classification—if upheld—would mean XRP is not just a digital currency but a security, subject to strict financial regulations.
While this case is playing out in U.S. courts, its impact has been felt far beyond American borders. Major U.S.-based exchanges like Coinbase and Kraken delisted XRP shortly after the lawsuit, citing compliance risks. Canadian exchanges, particularly those under regulatory scrutiny, have taken similar precautions.
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Canadian Exchanges Prioritize Regulatory Compliance
Canada’s approach to cryptocurrency regulation has become increasingly stringent, especially under the oversight of the Ontario Securities Commission (OSC). Bitbuy made headlines by becoming the first Canadian exchange to gain full registration as a marketplace with the OSC—a milestone that underscores its commitment to compliance.
However, this regulatory approval comes with obligations. Registered marketplaces must avoid listing assets deemed securities until their status is legally clarified. Although the SEC’s ruling doesn’t directly bind Canadian regulators, domestic exchanges are cautious about carrying assets under such legal uncertainty.
Newton and Coinsmart echoed similar reasoning in their delisting announcements, stating they considered international regulatory opinions—particularly from the U.S.—when making their decisions.
By proactively delisting XRP, these platforms demonstrate their dedication to regulatory alignment, which ultimately strengthens investor trust and ensures long-term operational sustainability within Canada’s evolving crypto landscape.
What Does This Mean for Canadian Investors?
For holders of XRP on affected platforms like Bitbuy and Newton, the delisting has immediate practical implications:
- Trading pairs such as XRP/CAD and XRP/BTC have been removed.
- Users must withdraw or trade their XRP before access is fully restricted.
- Failure to act could result in loss of access or forced conversion at unfavorable rates.
If you currently hold XRP on a delisting exchange, consider taking one of the following actions:
- Sell XRP for Canadian dollars and withdraw funds to your bank account.
- Trade XRP for another cryptocurrency like Bitcoin or Ethereum.
- Transfer XRP to a private crypto wallet for secure self-custody.
- Move your tokens to an offshore exchange that continues to support XRP trading.
Where Can Canadians Still Buy or Trade XRP?
Despite the pullback by several domestic platforms, XRP remains accessible through alternative routes.
Offshore Exchanges Still Supporting XRP
Several internationally based exchanges continue to list XRP and accept Canadian users:
- CoinField: A Europe-based platform allowing direct CAD deposits and XRP trading.
- Gate.io, Uphold, and Kucoin: These offshore exchanges are not subject to OSC or SEC jurisdiction, so they maintain XRP listings.
- Binance: Although Binance suspended certain services in Ontario due to non-compliance with local rules (such as leverage trading), it still supports XRP globally.
These platforms offer viable alternatives for Canadians seeking continued exposure to XRP.
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Will XRP Return to Canadian Exchanges?
The future of XRP on Canadian platforms hinges largely on two factors:
- The outcome of the Ripple vs. SEC case – A favorable ruling could clear the path for relisting.
- Guidance from Canadian regulators – If the OSC or other authorities clarify that XRP is not a security, exchanges may reconsider.
Until then, most compliant Canadian exchanges will likely maintain their current stance. However, relisting remains a possibility—Bitbuy itself has indicated that XRP could return depending on legal developments.
Frequently Asked Questions (FAQ)
Why are Canadian exchanges delisting XRP?
Canadian exchanges are delisting XRP due to regulatory uncertainty stemming from the SEC’s lawsuit against Ripple. To remain compliant with domestic financial authorities like the OSC, exchanges are avoiding assets with potential securities classification.
Is XRP illegal in Canada?
No, XRP is not illegal in Canada. While some exchanges have removed it for compliance reasons, owning or transferring XRP is still permitted. The delistings reflect business decisions based on risk management, not legal prohibition.
Can I still buy XRP as a Canadian?
Yes, Canadians can still buy XRP through offshore exchanges such as CoinField, Gate.io, Kucoin, and Uphold. These platforms are not bound by U.S. or Ontario securities rules and continue to support XRP trading pairs.
What should I do if I own XRP on Bitbuy or Newton?
You should either sell your XRP for fiat or another cryptocurrency or transfer it to an external wallet or exchange that supports XRP. Leaving it on a delisting platform risks limited access or automatic removal.
Could more Canadian exchanges delist XRP?
Yes. Given the current regulatory environment, additional Canadian exchanges—especially those pursuing formal registration—may choose to delist XRP to align with OSC expectations and minimize legal exposure.
Will XRP be relisted in the future?
Relisting is possible if the SEC lawsuit concludes with a favorable ruling for Ripple or if Canadian regulators provide clarity that XRP is not a security. Until then, most regulated exchanges will likely keep it delisted.
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Final Thoughts
The delisting of XRP from major Canadian exchanges reflects a broader trend: the increasing importance of regulatory compliance in the maturing cryptocurrency industry. While frustrating for some investors, these moves signal progress toward a safer, more transparent digital asset ecosystem in Canada.
For now, Canadian crypto holders retain options for managing and trading XRP through global platforms. As legal clarity emerges, particularly from the U.S. court case, we may see a reassessment across North American markets.
Staying informed and proactive is key. Whether you're holding, trading, or considering exiting your XRP position, understanding the regulatory landscape empowers smarter decisions in today’s dynamic crypto environment.
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