The cryptocurrency exchange Coinbase will suspend XRP trading for users in all regions it serves. A similar move was taken by the OKCoin platform.
Given the SEC’s recent action against Ripple, all XRP books have been moved to limit only and Coinbase plans to fully suspend trading in XRP on Tuesday, January 19, 2021, at 10 AM PST. Afterwards, users will continue to retain access to their XRP funds. https://t.co/izreZvgHNl
— Coinbase (@coinbase) December 28, 2020
“Coinbase plans to fully suspend trading XRP on Tuesday, January 19, 2021,” the statement said.
To date, Coinbase has become the largest US exchange to take such a step with XRP. It accounts for about 8.5% of the token’s global trading volume.
Users will retain access to their wallets and will receive Spark tokens due to XRP holders as part of the airdrop. Support for the token will also continue in Coinbase Custody and Coinbase Wallet custody services.
We will continue to support XRP on Coinbase Wallet and Coinbase Custody. Coinbase will continue to monitor legal developments related to XRP and update our customers as more information becomes available through the @CoinbaseSupport Twitter account.
— Coinbase (@coinbase) December 28, 2020
“We will continue to monitor developments surrounding XRP and will notify customers as additional information becomes available,” Coinbase said.
The OKCoin exchange will suspend trading and deposits in XRP from January 4, 2021 until further notice. All other functions will operate as usual.
You can still withdraw $XRP after Jan 4. Or choose to keep it on @OKCoin. Suspension only applies to $XRP trading and deposits. All other exchange functions will operate normally. https://t.co/aS7rQ8381K
— OKCoin (@OKCoin) December 28, 2020
Trading platform asked margin-traders on the XRP/USD market to return borrowed funds by January 3. Otherwise, active debt positions will be liquidated.
According to CoinGecko, XRP’s price has fallen 55.1% over the past seven days. The token is currently around $0.23.
Earlier, XRP trading for US residents was halted by several major platforms, including Galaxy Digital, Bitstamp and B2C2.
The asset management company Bitwise Asset Management excluded the token from its flagship index fund Bitwise 10 Crypto Index Fund.
Update: the payments platform Crypto.com will remove XRP from its list of supported assets for U.S. residents from January 19, 2021.
$XRP will be delisted from the https://t.co/vCNztABJoG App in the U.S. effective Jan 19th, 2021 at 10am UTC.
Details: https://t.co/aja3yrhxCe
— Crypto.com (@cryptocom) December 29, 2020
As reported, on December 23 the U.S. Securities and Exchange Commission filed suit against Ripple, its CEO Brad Garlinghouse and co-founder Chris Larsen. The agency contends that the company sold unregistered securities in the form of tokens for seven years and raised $1.3 billion in the process.
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