According to a recent report, the U.S.-based virtual asset exchange, EDXM or EDX Market, has confirmed its plans to delist the Bitcoin Cash (BCH) crypto from its trading offerings. The news has attracted the investors’ attention while sparking curiosity and raising questions within the cryptocurrency community. However, despite the delisting news, the Bitcoin Cash price was up on Thursday, November 2.
EDXM Confirms Bitcoin Cash Delisting
On November 1, speculation emerged about the removal of BCH from the list of supported cryptocurrencies on the EDXM platform. Meanwhile, this speculation prompted users and investors to seek clarity on the situation.
Jeanine Hightower-Sellitto, serving as the Chief Strategy Officer (CSO) for EDXM, affirmed the situation by declaring that the exchange is no longer offering support for Bitcoin Cash (BCH).
However, the exchange did not provide specific details regarding the reasons for delisting BCH. When asked about the timing and rationale behind this decision, Hightower-Sellitto responded that the current cryptocurrency offerings on EDXM could be found on their “Trading Resources” page. She also encouraged users to subscribe to the exchange’s newsletter for updates on future listings.
EDXM’s Limited Cryptocurrency Offering
Previously, EDXM CEO Jamil Nazarali had shed light on the exchange’s selective approach to cryptocurrency listings. In August, he mentioned that EDXM had chosen to list only a few and selected cryptos due to regulatory considerations.
Specifically, he cited the U.S. Securities and Exchange Commission (SEC) regulations, explaining that these regulations played a pivotal role in the selection of cryptocurrencies. Notably, 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 their platform, given XRP’s recent legal win, where Judge Analisa Torres ruled that XRP is not security.
However, as of writing, a visit to the “Products Traded” 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 the avoidance of securities classification.
The delisting of BCH on EDXM has left the cryptocurrency community in suspense, with many speculating on the reasons behind this move. As the cryptocurrency landscape continues to evolve and regulations impact trading offerings, EDXM’s decision may signal a broader trend within the industry. The community is eagerly awaiting further details and explanations from EDXM regarding the delisting of Bitcoin Cash.
Meanwhile, during writing, the Bitcoin Cash price was up 1.14% to $243.67, with its trading volume rising 29.05% to $234.29 million. Additionally, the market cap of the crypto rose 1.14% and stood at $4.76 billion.