Coinbase and OKCoin will stop trading of XRP due to the SEC lawsuit. The cryptocurrency exchange Coinbase will close trading of the XRP token for users in all regions served. A similar decision was made by the OKCoin exchange. Currently, the American exchange Coinbase has become the most considerable platform that has made such a decision on XRP. It accounts for about 8.5% of the global Ripple trading volume.
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
Users will retain access to their wallets and receive Spark coins as part of the airdrop. Ripple will continue to be supported in the Coinbase Custody and Coinbase Wallet custodial 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
OKCoin exchange will stop trading and accepting deposits in XRP from January 4, 2021. The trading platform asked margin trading participants on the XRP/USD market to return the borrowed funds by January 3. Otherwise, active debt positions will be liquidated.
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
According to CoinGecko, over the past seven days, the price of XRP has fallen by 55.1%. Currently, the token is at $0.23.
Earlier, XRP trading for US residents was stopped by several major platforms, including Galaxy Digital, Bitstamp, and B2C2.
Management company Bitwise Asset Management has excluded the token from its flagship Bitwise 10 Crypto Index Fund.
On December 23, the US Securities and Exchange Commission filed a lawsuit against Ripple, CEO Brad Garlinghouse, and its co-founder Chris Larsen. According to the SEC, the company sold unregistered securities in the form of tokens for seven years and raised $1.3 billion during this time.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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