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Ripple lawsuit: Coinbase will suspend trading with XRP from January 19th
It happened the way it had to. A few days after the US Securities and Exchange Commission (SEC) filed a lawsuit against the company Ripple because of the crypto currency XRP, the largest crypto trader in the USA is now responding. Coinbase has decided to suspend trading with XRP from January 19th. The decision comes after some other crypto exchanges no longer want to offer XRP to their customers.
In light of the latest SEC lawsuit against Ripple Labs, Inc., Coinbase plans to suspend trading in XRP on Tuesday, January 19, 2021 at 10:00 a.m. PST, ”said Paul Grewal, Coinbase's chief legal officer. From December 28, trading will be limited in a first step, and from January 19 in three weeks, users will no longer be able to buy or sell any of the controversial tokens via Coinbase. The company from San Francisco reserves the right to suspend trading earlier if necessary.
Sharp price drop for XRP after a lawsuit by the SEC - Exchanges begin with delisting
Access to the XRP wallet is retained
“We will continue to monitor legal developments regarding XRP and keep our customers informed as more information becomes available,” Grewal continued. In any case, there is talk of an indefinite interruption of XRP trading - it is quite possible that the tokens will be available again at Coinbase in the course of 2021. The SEC has sued Ripple because it assumes that XRP actually represent securities and thus shares in the Californian company - and the sale of these digitized shares should have been registered with the US authorities. The lawsuit is about $ 1.3 billion.
What does this mean for Coinbase customers? "The trading interruption has no effect on customers' access to XRP wallets, which are also available for deposits and withdrawals after the trading interruption," says Coinbase. "In addition, customers will still be eligible for the previously announced Spark Airdrop (subject to approval in certain countries), and we will continue to support XRP on Coinbase Custody and Coinbase Wallet."
Ripple: The SEC lawsuit against the crypto asset XRP is about $ 1.3 billion
"It will take some time"
Coinbase is another company in the crypto industry that is turning its back on XRP. The exchanges OKCoin, Bitstamp, OSL, Beaxy and CrossTower had previously announced that they would suspend trading with XRP. Everyone is afraid of being drawn into the legal battle. "As a legal proceeding is taking place, we have decided that the best course of action is to suspend XRP trading and deposits on OKCoin from January 4, 2021," said those in charge at OKCoin. "It is likely that it will take some time to resolve this situation."
The announcement by Coinbase has sent the course of XRP down again. On Tuesday night, the price of the asset fell by another 15 percent. Within the past 7 days, XRP has lost more than 50 percent of its previous value. Observers expect that further crypto exchanges such as Kraken or Bittrex will follow the example of Coinbase - and that will send the price even further into the basement.
Bitstamp: Big crypto exchange stops XRP trading for US users
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