The cryptocurrency landscape in Canada is witnessing a significant development as BitBuy, the country’s largest digital asset exchange, has quietly relisted XRP—marking a pivotal shift in sentiment amid ongoing regulatory uncertainty. This move positions BitBuy as the second Canadian exchange to restore trading access to XRP since the Ripple-SEC legal saga began, following in the footsteps of Newton, which relisted the token in November 2022.
The relisting occurred without fanfare, but not without notice. A viral tweet from crypto analyst Mason Versluis confirmed the update:
BREAKING: $XRP has been quietly RELISTED on Canadian exchange @bitbuy 🔥👀
This action reflects growing confidence among exchanges that clarity around XRP’s regulatory status may be on the horizon. BitBuy originally listed XRP in March 2019 but delisted it in January 2022, citing compliance with Canadian securities regulations at the time. Now, the exchange has updated its official Crypto Assets Statement to include XRP, signaling a strategic reversal based on evolving legal interpretations and market demand.
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Ripple vs. SEC: The Backdrop Behind the Relisting
The timing of BitBuy’s decision is no coincidence. The long-running lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has entered a critical phase, with legal experts and investors alike anticipating a final ruling. While no official date has been set, attorney John Deaton—a prominent advocate for retail XRP holders—has publicly stated that delays in judicial decisions are normal and should not be interpreted as negative signals.
Deaton emphasized that courts often take additional time to deliberate on complex financial cases, especially those involving novel interpretations of securities law. His reassurance has helped stabilize community sentiment, preventing panic amid prolonged silence from the judiciary.
This context appears to have influenced BitBuy’s risk assessment. By relisting XRP before a definitive verdict, the exchange is signaling confidence in Ripple’s legal position—and potentially positioning itself ahead of competitors who remain hesitant.
Community Response: Optimism Meets Caution
The XRP community in Canada has responded with a mix of enthusiasm and skepticism. On one hand, long-time supporters view the relisting as a validation of XRP’s legitimacy and a sign that institutional resistance is weakening. Some users have already confirmed successful XRP purchases on the platform, reinforcing the practical impact of the change.
On the other hand, critics question whether BitBuy’s move is driven more by short-term profit motives than principled conviction. They argue that relisting an asset during regulatory limbo could expose investors to unforeseen risks, especially if future rulings impose retroactive restrictions.
Moreover, some observers note that BitBuy has not yet indicated plans to relist other tokens previously removed due to compliance concerns. This selective approach raises questions about consistency in the exchange’s listing policy.
Still, the broader implication remains clear: confidence in XRP is rebounding—not just among retail investors, but within key segments of the crypto infrastructure ecosystem.
The Coinbase Factor: Why U.S. Investors Are Watching Closely
While BitBuy’s decision impacts Canadian traders directly, its symbolic weight extends far beyond national borders. Much of the global XRP community has focused its efforts on Coinbase, the largest U.S.-based cryptocurrency exchange, which delisted XRP in December 2020 following the SEC’s initial lawsuit.
Despite mounting pressure—including petitions, social media campaigns, and public endorsements from legal experts—Coinbase has maintained a cautious stance. In March 2023, Chief Legal Officer Paul Grewal clarified that even if Ripple wins its case decisively, Coinbase would not automatically relist XRP. Instead, the exchange would conduct its own independent evaluation of the ruling’s scope and implications.
This measured approach underscores the high stakes involved. For major platforms, relisting decisions aren’t just about legality—they involve compliance frameworks, insurance policies, investor protection protocols, and relationships with regulators.
Yet BitBuy’s action may serve as a test case. If the relisting proceeds smoothly and no regulatory backlash follows, it could encourage other exchanges to reconsider their positions—potentially triggering a domino effect across North America.
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Uphold’s Steady Support: A Contrast in Strategy
Amid shifting stances, one platform stands out for consistency: Uphold. Unlike most major exchanges, Uphold never delisted XRP during the height of the SEC controversy. The company’s leadership has consistently maintained that XRP meets all legitimate criteria for listing, including liquidity, transparency, and utility.
In fact, Uphold’s executives have publicly defended their decision, arguing that treating all cryptocurrencies as potential securities undermines innovation and investor choice. Their unwavering support has earned them goodwill within the XRP community and positioned them as a champion of market-driven regulation.
What This Means for XRP’s Future
The relisting of XRP on BitBuy is more than just a technical update—it’s a barometer of changing sentiment in the crypto industry. Key takeaways include:
- Regulatory fatigue is setting in: Exchanges are increasingly unwilling to wait indefinitely for government clarity.
- Market demand matters: Persistent user interest in XRP cannot be ignored indefinitely.
- Legal precedent is shifting: Recent court rulings in favor of Ripple on key motions have strengthened the argument that XRP is not inherently a security.
While price movements remain volatile and adoption uneven, these developments suggest that XRP is regaining ground—not just technologically or financially, but reputationally.
Frequently Asked Questions (FAQ)
Q: Why did BitBuy delist XRP in the first place?
A: BitBuy delisted XRP in January 2022 to comply with Canadian regulatory guidelines amid uncertainty surrounding the SEC's lawsuit against Ripple over whether XRP qualifies as a security.
Q: Is XRP now considered legal to trade in Canada?
A: Yes, BitBuy has updated its policies to allow XRP trading again. However, this does not constitute a formal legal classification of XRP by Canadian authorities—it reflects BitBuy’s internal compliance assessment.
Q: Will other exchanges follow BitBuy’s lead?
A: It’s possible. Newton already relisted XRP in 2022, and Uphold never stopped offering it. Other exchanges may use BitBuy’s experience as a benchmark before making similar moves.
Q: Does this mean the SEC will lose its case against Ripple?
A: Not necessarily. While favorable court rulings have strengthened Ripple’s position, the final judgment is still pending. BitBuy’s relisting reflects cautious optimism, not a prediction.
Q: Can I buy XRP on BitBuy immediately?
A: Yes, verified users in Canada can currently purchase XRP through BitBuy’s platform following the relisting.
Q: How might this affect XRP’s price?
A: Increased accessibility often correlates with higher trading volume and potential price appreciation, though macroeconomic factors and broader market trends also play significant roles.
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As the Ripple-SEC case nears its conclusion, every strategic move by exchanges like BitBuy adds momentum to the broader narrative: digital assets are evolving faster than regulation, and markets are beginning to act accordingly. Whether this marks the start of a wider relisting wave—or remains an isolated case—will depend on what happens in U.S. courts next. But one thing is certain: the pressure for clarity has never been greater.