According to a recent report, the US-based virtual asset exchange EDXM or EDX Market, has confirmed plans to remove Bitcoin Cash (BCH) crypto from its trading offerings. The news caught the attention of investors while sparking curiosity and raising questions within the cryptocurrency community. However, despite the delisting announcement, the price of Bitcoin Cash increased on Thursday, November 2.
EDXM confirms delisting of Bitcoin Cash
On November 1, speculation emerged about BCH being removed from the list of supported cryptocurrencies in the market. EDXM Platform. In the meantime, this speculation has prompted users and investors to seek clarification on the situation.
Jeanine Hightower-Sellitto, as Chief Strategy Officer (CSO) of EDXM, confirmed the situation by stating that the exchange no longer offers support for Bitcoin Cash (BCH).
However, the exchange did not provide specific details on the reasons for the delisting of BCH. Asked about the timing and rationale for this decision, Hightower-Sellitto responded that the current cryptocurrency deals on EDXM can be found on their “Sales Resources” page. She also encouraged users to subscribe to the exchange’s newsletter to receive updates on future listings.
Limited Cryptocurrency Supply from EDXM
Previously, Jamil Nazarali, CEO of EDXM, shed light on the exchange’s selective approach to listing cryptocurrencies. In August, he mentioned that EDXM chose to list only a few select cryptos due to regulatory considerations.
Specifically, he cited regulations from the United States Securities and Exchange Commission (SEC), explaining that these regulations play a central role in the selection of cryptocurrencies. In particular, compliance with these regulations is necessary to prevent a cryptocurrency from being classified as a security.
Notably, many market observers expect EDX Markets to add XRP to its platform, given XRP’s recent legal victory, where Judge Analisa Torres ruled that XRP is not security.
However, at the time of writing, a visit to the “Traded Products” page on the EDX Markets website revealed that only three cryptocurrencies were available for trading, which are Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). This limited selection aligns with EDXM’s commitment to regulatory compliance and avoidance of securities classification.
The delisting of BCH on EDXM has left the cryptocurrency community in suspense, with many speculating about the reasons behind the move. As the cryptocurrency landscape continues to evolve and regulations impact trading offerings, EDXM’s move could signal a broader trend within the industry. The community is eagerly awaiting more details and explanations from EDXM regarding the delisting of Bitcoin Cash.
Meanwhile, while writing, the Bitcoin Cash the price rose 1.14% to $243.67, with trading volume up 29.05% to $234.29 million. Additionally, the crypto market capitalization increased by 1.14% and stands at $4.76 billion.