Okcoin and Coinbase to Halt XRP Trading Due to the US SEC Lawsuit Against Ripple | Exchanges Bitcoin News

Bitcoin.com

Two major cryptocurrency exchanges joined the XRP trading suspension campaign in the wake of the U.S. Securities and Exchange Commission (SEC) lawsuit filed against Ripple Labs on December 22, 2020.

Two Major Crypto Exchanges to Suspend XRP Trading in January 2021

The last week of 2020 started with the announcement of Okcoin, one of the oldest crypto exchanges in the industry. They’ve decided to halt XRP trading and deposits on the platform effective on January 4, 2021.

How To Get Free Crypto  

According to the firm, users who have borrowed from the XRP/USD margin pair, including borrowing XRP and USD, are required to return the borrowed value before January 3, 2021, 7:00 PM (PST time). On January 4, 2021, spot trading, margin trading, and deposits will be suspended starting 7:00 PM (PST time) “till further notice.”

However, Okcoin pointed out that Ripple’s situation with the U.S. SEC “will take time to reach a resolution,” warning users to keep an eye on the developments about the turmoil.

Coinbase to Fully Suspend XRP Trading on January 19, 2021

On the other hand, U.S.-based crypto exchange Coinbase also made official its decision to suspend the XRP trading pairs on the platform, whose trading will be fully suspended on January 19, 2021, at 10 AM (PST time). Paul Grewal, chief legal officer of Coinbase, commented on the measure:

The trading suspension will not affect customers’ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension. (…) We strive to provide our customers with access to a broad set of assets, all of which are evaluated against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world. We take seriously any decision to change our customers’ access to one of those assets.

After Okcoin’s decision, Ripple’s token plummeted across the board over 6% below the $0.28 level, but then it managed to trim some losses. However, the sell-off continued to take the XRP reins, making it to dip below the $0.2 psychological area, also fueled by Coinbase’s announcement.

Coinbase Banner  

As of press time, according to markets.Bitcoin.com data, XRP is quoting at $0.183 (-36%).

What do you think about Okcoin and Coinbase’s decision on XRP trading’s suspension? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Go to Source
Author: Felipe Erazo


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.