Phemex, an exchange that suspended XRP trading after the SEC lawsuit on December 31st, 2020, has now relisted XRP.
Phemex, which was founded in 2019 in Singapore, suspended XRP trading on December 31st, 2020. According to the exchange’s announcement at the time:
“Following the news of the SEC’s lawsuit against Ripple Labs, Inc. and the resulting actions by a number of other exchanges, we have decided to suspend XRP from next week.”
Under the impression created by the Securities and Exchange Commission that exchanges or companies using XRP were violating the US securities law, dozens of exchanges in the US and across the Globe delisted XRP.
On April 28th, Phemex through its official Twitter handle announced that XRP would be relisted on its platform, due to popular demand
“We are happy to announce that Phemex is offering spot and contract trading for 8 new coins! Additionally, due to popular demand, we are also bringing $XRP back onto the platform!”
When the SEC lawsuit was first filed, exchanges and other companies across the world may have acted hastily to protect their best interests. With more details on the SEC lawsuit coming out, exchanges may and should re-evaluate their stance toward XRP.
While the SEC’s mission is to protect investors, XRP holders that have sold at a loss due to the SEC’s actions have watched the asset rise by more than 300 percent since the lawsuit was filed.