XRP token has created ripples in the crypto news circles lately following a lawsuit filed against it by the United States Securities and Exchange Commission.
Major exchanges, including Coinbase and OKCoin, have suspended XRP trading and deposits on their platform after the SEC charges.
Coinbase and OKCoin Suspend XRP Trading
Coinbase is the latest cryptocurrency exchange to announce a suspension of XRP activity on its platform after the SEC lawsuit news broke. The leading US-based crypto exchange has announced the same through its official blog post.
The exchange informed that it would start restricting certain trades from Today while the complete suspension would happen by January 19, 2021. The US SEC has filed the lawsuit against Ripple around the surmounting concerns of distributing unregulated securities in the country. While Ripple claims that XRP is an opensource digital asset and a currency, US lawmakers opine that XRP should be treated as a security.
The Chief Legal Officer of Coinbase said that the company is monitoring the various developments around XRO and would update their customers about its stance on XRP. The users shall be able to receive and withdraw from XRP wallets however trading is suspended.
OKCoin has also delisted XRP from its platform citing the lawsuit proceedings. The trading and deposits of XRP on OKCoin would be suspended starting January 4, 2021. The official announcement said that the users who have taken the XRP/USD margin pair should return the value before January 3 else systems would trigger liquidation to close the loan contracts. On January 4 the spot and margin trading would be closed.
Coinbase and OKCoin announced the suspension of XRP trading recently however Cross Tower, Beaxy and OSL stopped XRP token trading a week ago as soon as SEC Lawsuit was filed. SEC has filed a lawsuit pertaining to the status of XRP and charged Ripple and cofounder Christian Larsen and CEO Brad Garlinghouse for selling unregistered securities in the US.
Another major crypto market maker B2C2 has stopped XRP trading on its US Platform. Bit stamp stopped the US-based customers from trading in XRP while Simplex is also blocking XRP payments.
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