XRP-BASED EXCHANGE FORCED TO CLOSE BUT NOBODY NOTICED

Posted 21 January, 2020

DEAD FOR FIVE DAYS, NEIGHBOURS NOTICE SMELL

 

Despite all the jokes, XRParrot Exchange was launched in 2019 February. And funded by Ripple XSpring, it has reached some impressive stages.

By linking their Eurobank account to their exchange account, customers were able to buy and sell XRP at a very low transaction fee. According to reports, the exchange converted more than € 1 million into XRP in October last year, making it one of the most popular XRP gateways in Europe.

At the time of its demise, XRParrot counted over 3000 active users.

 

REGULATIONS STIFLE INNOVATORS

 

Unfortunately, the Netherlands introduced the latest EU anti-money laundering directive, which some say is unnecessary in the fight against cipher.

To ensure compliance with the new rules, XRParrot will have to pay extraordinarily high costs for new licensing and administrative fees.

Therefore, Wind decided to make a controlled “soft” shutdown, making new orders unavailable, and informing users about random or automatic orders that they will be processed last.

 

Wind took to Twitter to explain his decision, and gratitude to XRParrot’s former users:

I am really grateful over 3000 individuals trusted my service, and proud that it has processed a crazy amount of transfers and XRP purchases for EU customers.

 

 

XRP STARTS THE YEAR ON A POSITIVE NOTE

 

Unlike the limited XRParrot, XRP started the year in a positive light. After dropping below $ 0.20 in the second half of December, January drops. Growth was observed which made it reach a whisper of $ 0.25.

And this may be just the beginning. If the current US lawsuit in favor of Ripple and XRP is defined as a product, then some believe that the token will increase to more than $ 500.

 

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