Ripple to be taken off Coinbase as of January 19

Ripple to be taken off Coinbase as of January 19

The crypto platform is suspending trading of XRP due to a lawsuit from the SEC

A lawsuit against Ripple and its XRP cryptocurrency announced by the company a week ago has already caused major issues for the crypto project. The Securities and Exchange Commission (SEC) is going after Ripple for allegedly violating securities laws and, even though this isn’t the first time the accusations have been raised, this time appears to be more serious. Several crypto exchanges have already started to distance themselves from Ripple and Coinbase has joined the group. It will suspend trading in XRP beginning January 19.

As of yesterday, XRP is “limit only” on Coinbase, with a full suspension beginning next month. The exchange explained in a blog post yesterday, “In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020, at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021, at 10 a.m. Pacific Standard Time. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.” The company added that it could suspend trading sooner if the market situation changes.

The suspension won’t affect access to XRP wallets by Coinbase users and they will still be able to deposit or withdrawal their XRP holdings. In addition, a previously-announced airdrop for the Spark crypto for which XRP users could be eligible will move forward with no changes, and XRP will still be supported on Coinbase Custody. Coinbase added in its announcement, “We will continue to monitor legal developments related to XRP and update our customers as more information becomes available.”

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