It has been confirmed that domestic cryptocurrency exchanges have not yet planned any other measures such as suspension of transactions in relation to the US Securities and Exchange Commission (SEC) and XRP (Ripple) litigation.
On the 29th, CoinDesk Korea asked domestic exchanges with the highest trading volume if there is any possibility of taking measures related to XRP. An official of the cryptocurrency exchange Bithumb said, “Basically, it is a matter that has not yet been concluded in the US,” and said, “We will continue to monitor until the end of the SEC lawsuit.”
Upbeat also explained, “It is not an atmosphere that is judging something.” An official of Upbit said, “The listing or delisting is decided, so it is difficult to confirm anything until the announcement is posted,” and “I feel like watching the situation.” Gopax officials also said, “I think we need to check more.”
Earlier, U.S. cryptocurrency exchanges responded fairly quickly when the SEC filed a lawsuit. Small and medium-sized exchanges such as Cross Tower immediately stopped trading XRP on the 22nd, when the news of the lawsuit was reported. Large exchanges such as Coinbase and OKCoin have also announced that they will stop XRP transactions and deposits from January next year after a week of filing a lawsuit.
Unlike the US exchanges, the reason why domestic exchanges have relatively more room is because there are few U.S. nationals subject to the U.S. securities laws among actual platform users. At the end of last year, when the National Tax Service imposed a tax of 80.3 billion won on Bithumb in the name of withholding other income from non-residents, domestic cryptocurrency exchanges organized most of the foreign accounts that existed in the exchange for risk management.
Some point out that the lawsuit is not a big deal from a global level. Ripple, which is currently headquartered in the US, is a problem that can be solved by moving its headquarters to another country such as the UK. Indeed, in an interview with CNBC in October, Ripple CEO Brad Garlinghouse pointed out the ambiguous regulations on cryptocurrency in the United States and said, “We are considering moving our headquarters to the UK with clear regulations.”
An official of a cryptocurrency exchange said, “Even if you lose this lawsuit, if Ripple pays all the fines, there will be no problem in operating it again.” .
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