The box is an isolator outlet for TV/Broadband.
As said, do not remove as it will allow signal noise to get onto the network because of the unterminated cable.. which will effect not only your service, but possibly your neighbours.
if you want to rip out, disconnect the other end of the cable from the isolator as well.. it will connect to either the omni box outside, or a splittter in another room.. follow the cable on the other side of that box to determine where.
Then terminate the open connection on the splitter with a 75 ohm terminator.
Beware though, this equipment is the property of Virgin Media, the cable and the isolator, and tampering with it could be deemed as criminal damage should any problems occur as a result of your tampering which effect your service and your neighbours and it is traced back to you.
Also, better to leave it alone, as you may decide you want to add VM services in that room at a later date