US SEC lawsuit spread… Binance US XRP support discontinued, Coinbase sued
The aftermath of Ripple’s lawsuit for violating the securities law is spreading throughout the cryptocurrency industry.
On the 22nd, the SEC filed a lawsuit against Ripple on charges of violating the securities law by selling XRP, an unregistered securities.
Ripple is in a position to continue normal business operations, but the market shock was great. The price of XRP has once dropped to $0.19910, and a number of companies have announced the suspension of support one after another.
Currently, OKCoin, Wireex, Bitrex, OSL, Jump Trading, Galaxy Digital, and Bitwise have announced that they will stop supporting XRP in the U.S. or all regions.
On the 31st (local time), Binance’s US cryptocurrency exchange Binance US also announced through a notice that “XRP deposits and trading will be suspended from 10:00 am on January 13th next year.”
Cryptocurrency OTC trading and loan platform Genesis also announced, “We will not support XRP transactions and loan services,” and “Selling XRP is possible until January 15 of next year.”
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Meanwhile, in relation to the Ripple lawsuit, there was a fire on Coinbase, a large US cryptocurrency exchange.
According to YouTube on the 30th (local time), Coinbase was sued for illegally selling XRP.
Coinbase announced on the 22nd that it will stop trading XRP from January 19th next year.
Related article: Coinbase stops supporting Ripple (XRP) transactions… From the 19th of next month
In response, coinbase user Thomas Sandoval filed a complaint with the Northern District Court of California demanding the refund of fees related to the Ripple transaction.
The plaintiff argues that “Coinbase sold tokens to users while recognizing that XRP is a security according to the US Securities Act, and collected transaction fees through it.”
He also pointed out that “it violated California’s unfair competition law” as “having an unfair competitive advantage over other exchanges that only sell commodities.”
It is known that the lawsuit filed with Coinbase ahead of a large-scale public offering (IPO) could spread to a class action.
A pretrial conference between the SEC and Ripple is scheduled for February 22 next year. The two sides will submit a joint letter a week ahead of the lawsuit containing the contents and allegations.
Jesse Hynes believes that the case will continue until at least the fourth quarter of 2021.
The Ripple price based on coin market cap at 1:17 on the 31st (local time) is trading at $0.213, up 5.12% from the previous day.
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