Celsius will no longer reward US XRP holders.

[jMusic]

Due to recent developments and current regulatory uncertainty, Celsius will no longer be able to offer rewards on XRP for US-based customers until further notice. 

 

This change will take effect beginning this Friday, April 9, 2021 at 05:00:00 UTC. You will still receive rewards for the current accrual period, and your final XRP rewards payment will be reflected in your Celsius account with our weekly rewards distribution this coming Monday, April 12, 2021. 

 

You can continue to hold XRP in your Celsius account, but you will no longer earn rewards on your XRP balance, and the reward rate will be reduced to 0% APY in the Celsius app. XRP withdrawals are available, and existing loans secured with XRP will not be affected. 

 

At this time, we are unable to provide additional information on if or when US-based customers will be able to earn on XRP with Celsius in the future. We will provide any updates as they are available.

Edited April 8, 2021 by jMusic

[BroHamBone]

Just wanted to make it aware...Celcius ya bunch of bustas!  Ill keep my XRP there in light of recent SEC failure.....maybe they will return the APY gains for XRP shortly.

 

 

 

[RobertHarpool]

Yeah ... I was just about to post this. Talk about out-of-the-blue!! I wrote Celsius an email, for whatever good that would do. 

Got an account there? Couldn't hurt to let them know what you think ...

[jMusic]

4 hours ago, RobertHarpool said:

Yeah ... I was just about to post this. Talk about out-of-the-blue!! I wrote Celsius an email, for whatever good that would do. 

Got an account there? Couldn't hurt to let them know what you think ...

Good idea...can't hurt to tell them they have made a bad business decision.

Edit : I would add some verbiage to prevent them from using your xrp balance to profit, eg. I wrote at the end of my email to them...

I trust that if you continue on this path that you will attest and guarantee that you will not be using my XRP balance in any business transaction, eg. loaning for profit or collateral against other financial instruments.

Edited April 9, 2021 by jMusic

[EasterBunny]

@RobertHarpool I haven't heard that Nexo de-listed, or was planning on delisting XRP. Was there a link in your image that you can share? Was it a link to a lawsuit against nexo?

[RobertHarpool]

@EasterBunny In short ... SEC sues Ripple .. Nexo suspends collateralizing XRP which hurt some guys who were exposed. Lawsuit. There are numerous  articles....Perhaps 'delist' isn't the best wording. I apologize. Perhaps 'f'd' XRP borrowers is more precise. 

 

 

Edited April 9, 2021 by RobertHarpool

[brianwalden]

6 hours ago, EasterBunny said:

@RobertHarpool I haven't heard that Nexo de-listed, or was planning on delisting XRP. Was there a link in your image that you can share? Was it a link to a lawsuit against nexo?

You can deposit, withdraw, and earn interest on XRP in Nexo. You can't trade it on their in-house exchange, use it as collateral for a loan, or use it to repay a loan.

The guys who got liquidated had maxed out their loans against XRP and used the loans to buy more XRP. They had no other funds that they could have used to either pay off the loan or put up as collateral. Basically, they were using Nexo in the riskiest way possible.

Without any prior notice, Nexo stopped accepting XRP for loan repayment, leaving these guys stuck. Nexo has the right to change their terms and conditions at any time (and they have a history of doing so suddenly, without warning). Now those guys who were all in and overleveraged were stuck, and when the price tanked a few days later they got liquidated. I think the way Nexo handled this was an absolute dick move. They could have given people one week's notice to give them time to pay down their loans before they stopped accepting XRP. Hell, even Coinbase, who has never had a good relationship with Ripple, didn't de-list until almost a month after the SEC announcement.

I don't think there's any heroes or villains here. Everyone involved made the worst possible decisions which resulted in an outcome that could have easily been prevented.