XRP Excluded from Hong Kong Crypto List, Faces 12% Drop in Price
Skip to the content
Join our Telegram >Home Altcoins News XRP Excluded from Hong Kong Crypto List, Faces 12% Drop in PriceXRP Excluded from Hong Kong Crypto List, Faces 12% Drop in PriceJames
February 7, 2025Ripple’s XRP has once again found itself in the spotlight, but this time for a more negative reason. Recently, the Hong Kong Securities and Futures Commission (SFC) released its highly anticipated list of approved cryptocurrencies for trading, but XRP was noticeably absent. Along with popular tokens like Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK), XRP’s exclusion fueled immediate concern, resulting in a sharp 12% drop in its price. The move has left many wondering about the reasons behind this decision and what it means for XRP’s future in the crypto market.Why Was XRP Left Off Hong Kong’s Crypto List?The Hong Kong SFC has been progressively establishing a stringent regulatory framework for cryptocurrencies, ensuring that only certain tokens meet their requirements to be listed for trading. As part of their regulatory efforts, the SFC has granted licenses to platforms such as PantherTrade and YAX, allowing them to operate within the region. However, when it came time to finalize the list of approved cryptocurrencies, XRP was left off.The decision to exclude XRP is believed to stem from Ripple’s ongoing legal battles, particularly the highly publicized lawsuit with the U.S. Securities and Exchange Commission (SEC). This lawsuit has cast a shadow over XRP’s classification, with the SEC arguing that XRP should be considered a security, while Ripple disputes this claim. The ongoing uncertainty surrounding XRP’s legal status may have prompted Hong Kong’s regulators to take a cautious approach, avoiding potential complications related to Ripple’s legal woes.Legal Challenges Impacting XRPRipple’s legal battles with the SEC have already had far-reaching implications for XRP’s status in the market. While Ripple continues to fight to maintain the token’s classification as a currency rather than a security, the legal case has left many market participants wary of XRP’s future. Hong Kong’s decision to exclude XRP from the approved list is seen as a reflection of this uncertainty, as financial authorities in the region are likely unwilling to take on the potential legal risk of allowing an asset with such a complex regulatory standing to be freely traded.The ongoing legal uncertainty surrounding XRP may be causing other jurisdictions to reassess the risks involved in dealing with the token. As Ripple’s case progresses, it will likely continue to impact XRP’s acceptance in various markets.Understanding Hong Kong’s Regulatory ApproachHong Kong has long been a major hub for cryptocurrency trading, but its regulatory landscape is one of the s