Coinbase stops supporting Ripple (XRP) transactions… From the 19th of next month
Coinbase, the largest cryptocurrency exchange in the U.S., announced the suspension of XRP trading
On the 28th (local time), Coinbase announced on its official website that “XRP trading will be suspended from 10 am (local time) on January 19, 2021.”
It plans to limit XRP transactions from the 28th of this month, and completely stop trading from the 19th of next month. Earlier, Forbes said that Coinbase will stop supporting Ripple transactions.
Coinbase started to stop trading XRP because the Securities and Exchange Commission (SEC) sued Ripple and its executives on suspicion of unregistered stock trading. If the SEC wins, it can be interpreted that the exchanges that allow XRP transactions are potentially illegal, and thus have taken preemptive actions in terms of risk management.
“In light of the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple, we have decided to suspend XRP trading on our platform,” said Paul Gruell Ripple’s Chief Legal Officer. And provide information to customers.”
On this day, OKcoin, a US-based cryptocurrency exchange, chose to stop trading XRP for the same reason.
OKCoin said, “As Ripple and SEC proceedings, it was best to stop XRP transactions and deposits. From January 4th, spot transactions, margin transactions, and deposits will be temporarily suspended.”
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The SEC alleges that Ripple has raised $1.3 billion in financing over the past seven years by selling XRP, an unregistered security, to ordinary investors. The executives charged with Ripple are Brad Garlinghouse Ripple Chief Executive Officer and Chris Larson Ripple co-founder.
Regarding this, Garlinghouse CEO said, “SEC is completely legally wrong with the facts.” Ripple (XRP) is the third largest cryptocurrency that trades billions of dollars every day. Like Bitcoin and Ethereum, it is not an investment contract. “.
Meanwhile, after the SEC filed a lawsuit against Ripple and the Ripple management team, a number of companies have stopped trading Ripple. As the largest cryptocurrency exchange in the U.S. stops XRP trading, Ripple is expected to suffer a big blow to its liquidity.
Earlier, cryptocurrency exchanges such as BitQuiz, OSL, Cross Tower, and Bitstamp stopped or announced support for Ripple transactions. Galaxy Digital, led by global liquidity provider Jump Trading and cryptocurrency giant Mike Novograz, also ended support for transactions.
In addition, Simplex, which provides solutions for purchasing cryptocurrencies with credit cards on platforms such as Binance, Huobi, Kucoin, and BitPay, has also stopped supporting. Major cryptocurrency market maker B2C2 also recently stopped supporting.
Ripple is on a downward trend every day due to news from large trading companies to discontinue trading support. On the morning of the 29th, the Ripple price based on the coin market cap is recording 0.244 dollars, down 15.36% from the previous day.
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