XRP Withdrawal Suspension on Binance
In a recent development, Binance, the world’s largest cryptocurrency exchange, temporarily suspended withdrawals of XRP via the Ripple Ledger (XRPL) network. This move has sparked concerns within the cryptocurrency community and the Ripple Army.
Ripple Army Reacts to Binance’s Suspension
The suspension of XRP withdrawals on Binance caused a swift reaction from the Ripple Army, a term used to describe enthusiastic supporters of Ripple. Notable community leaders, including Edward Farina and XRP Whale, expressed their concerns. Farina advised investors to transfer XRP tokens away from centralized exchanges to avoid potential issues with withdrawals.
Binance’s Official Statement
Binance officially attributed the suspension to routine system maintenance affecting specific cryptocurrency wallets. The exchange reassured users that such suspensions are part of standard procedures and should not be a cause for alarm. Binance also clarified that trading activities were not affected during this maintenance period. Users were informed that Ripple could still be withdrawn using alternative blockchain networks, such as Ethereum ERC20 and the BNB Smart Chain (BEP20).
As of the latest updates, the suspension tag for Ripple withdrawals on Binance has been removed, indicating the completion of the maintenance work on Ripple wallets.
Clarifying the Ripple Confusion
Amidst the commotion, Mason Versluis, a notable figure in the Ripple community, addressed a common misconception regarding XRP and Ripple. He emphasized that Ripple, a U.S.-based payment firm, and XRPL, the native asset of the Ripple Ledger, are separate entities. This clarification is significant, as misattributing XRP to Ripple has contributed to the U.S. regulator’s classification of Ripple as a security.
Versluis’s statement came in response to Binance’s use of ‘Ripple’ in its suspension notification, a term that should have been reserved for the Ripple Ledger network. This ongoing confusion has been a point of contention in the Ripple community, affecting the perception and regulatory treatment of Ripple.
The temporary suspension of Ripple withdrawals on Binance, a routine part of system maintenance, led to a brief panic among the Ripple Army. The issue was quickly resolved, and Binance supported Ripple withdrawals through other networks. The incident also highlighted the need for clarity in the relationship between Ripple and XRP, an issue that remains a topic of discussion in cryptocurrency.
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