EToro USA Becomes Latest Exchange to Suspend XRP Trading

The US department of the Israeli crypto exchange eToro is suspending XRP trading for its customers with effect from next month.

The exchange announced Wednesday that it will no longer allow XRP purchases or conversions for US customers as of January 3, although customers will still be able to withdraw XRP from their eToro wallets to other unconnected addresses. It is the latest crypto trading venue to have XRP support suspended in the U.S. after the Securities and Exchange Commission (SEC) sued Ripple earlier this month on charges of selling XRP as an unregistered security for over seven years .

Other exchanges to delist or suspend XRP trading or markets include:

Most of these platforms have only removed XRP from their US markets or platforms, although some have discontinued support internationally.

According to the SEC lawsuit filed last week in the U.S. District Court for the Southern Borough of New York, Ripple, CEO Brad Garlinghouse and Chairman Chris Larsen have sold approximately $ 1.3 billion to XRP since 2013. The SEC claims Ripple failed to register XRP as collateral or apply for an exemption on the token, of which it holds nearly $ 50 billion in escrow.

For its part, Ripple has called the allegations “unproven” and promised to file a response in court in the coming weeks. The San Francisco-based company has repeatedly referred to the SEC’s lawsuit as an “attack on crypto” in the US. CEO Garlinghouse said the agency “will benefit China directly”.

According to records from the public court, a pre-conference is scheduled for February 22, 2021, at which the parties will have to come up with a joint letter detailing the case and arguments each side is proposing, possible motions and possible details of the settlement the week before to be discribed .

The SEC and Ripple are also required to file a joint letter by February 15 stating whether both parties are willing to allow a judge (rather than a district judge) to oversee a trial.

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