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Coinbase to suspend XRP transactions in January

The fourth largest cryptoasset, XRP, fell to September lows after the US-based Coinbase exchange said it would join other trading platforms to suspend trading in January due to a recent regulatory crackdown on Ripple , affiliated with XRP.

At the time of writing (04:03 UTC), the XRP was trading at $ 0.2248 and was down almost 21% in one day and 53% in a week. The price fell 63% in one month, reducing its earnings in the last 12 months to less than 16%.

XRP price list:

Source: coinpaprika.com

Coinbase Pro, one of the trading platforms operated by Coinbase, accounts for 3% -5% of the total XRP trading volume in the last 24 hours ($ 5.22 billion), according to several market data cryptographic providers.

Trading has already been moved to the limit and will be suspended entirely on Tuesday, January 19, 2021, at 10 am Pacific Standard Time at the latest, the company said in a blog.

Information passed by the exchange:

  • XRP wallets will remain available for deposit and withdrawal;
  • Customers will remain qualified to the Spark air launch ;
  • The company will continue to support XRP in Coinbase Custody and Coinbase Portfolio.

We strive to provide our customers with access to a wide range of assets, all valued against our Digital Asset Framework to assess factors such as security, compliance and project alignment with our mission to create a financial system open to the world. We take any decision to change our customers’ access to one of these assets seriously.

Several trading platforms have already announced that they are suspending XRP trading after the U.S. Securities and Exchange Commission opened a case against Ripple.

Today, too, Crypto.com said that on January 19, 2021 at 10:00 UTC, the XRP will be removed from the list and suspended trading for your app in the U.S.

OKCoin too announced that will suspend trading and deposits of XRP on January 4. “As the judicial process is underway, we have determined that it is the best course of action,” they added.

In addition Bitstamp announced which will stop all XRP trades and deposits for your customers in the USA on January 8, 2021 at 9:00 pm UTC.

In the meantime, even major exchanges that do not offer trading services in the U.S. market are keeping an eye on the situation.

Ciara Sun, vice president of global markets at the Huobi Group also spoke about the case:

The SEC’s action against Ripple remains outside our operational jurisdiction, but we are closely monitoring new developments. As a brand based on trust, security and compliance, we respect and trust due process. However, the safety of our users and their assets is of paramount importance, therefore, we will continue to assess the situation as the matter progresses.

As reported, the Huobi business group appears ready to return to the United States a year after rushing out of the country.

Source: CryptoNews

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