Posted 7 months ago | by @devadmin
The SEC recently claimed last week that XRP was a security, and that Ripple has been selling its coin without registering or seeking an exemption for seven years, adding that the company had raised $1.3 billion in that time frame. Now, cryptocurrency exchanges offering the digital asset have been moving forward delisting it at a rapid rate.
Coinbase’s decision could lead to a domino effect with other exchanges following in their footsteps. Just last week before the holiday, Bitstamp announced it would halt XRP trading and deposits for all U.S. customers on Jan. 8th. Now, Coinbase has announced that it will delist XRP on January 19th.
Coinbase said it will suspend trading of XRP, the cryptocurrency the U.S. Securities and Exchange Commission claimed last week is really a security, as Bitboy Crypto reported in a video below.
Coinbase first listed XRP on its retail-facing platforms in February 2019 after Brian Armstrong Coinbase”s CEO tweeted they wouldn’t be listing anymore assets in 2018 some say starting the bear market. Effective immediately, XRP trading “will move into limit only,” Coinbase wrote. Trading for XRP will be fully suspended on Tuesday, Jan. 19th, 2021, at 1 p.m. ET according to the announcement by Coinbase.
“We will continue to monitor legal developments related to XRP and update our customers as more information becomes available,” Paul Grewal, Coinbase’s chief legal officer, wrote in a blog post.
Coinbase further said users’ XRP wallets will “remain available for receive and withdraw functionality after the trading suspension.”
Additionally, the exchange stated it would still support an upcoming airdrop of Spark tokens to XRP holders despite the ongoing situation. XRP will still be supported by Coinbase Custody and in the self-custodial Coinbase Wallet, it just won’t be tradable any longer until further notice.
XRP is currently trading at [FIAT: $0.230514] DOWN -18.2% in the last 24 hours according to Coingecko at the time of this report.