Okcoin and Coinbase to Halt XRP Trading Due to the US SEC Lawsuit Against Ripple

Following the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple Labs on December 22, 2020, two major cryptocurrency exchanges have joined the XRP campaign to suspend trading.

Two major crypto exchanges will cease XRP trading in January 2021

The last week of 2020 began with the announcement of Okcoin, one of the oldest crypto exchanges in the industry. You have decided to cease XRP trading and deposits on the platform with effect from January 4, 2021.

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

However, Okcoin indicated that Ripple’s situation with the US Securities and Exchange Commission “will take some time to come to a resolution,” and warned users to keep an eye on developments regarding the turmoil.

Coinbase will completely cease XRP trading on January 19, 2021

On the other hand, US-based crypto exchange Coinbase has officially decided to suspend XRP trading pairs on the platform, which will cease trading entirely on January 19, 2021 at 10 a.m. (PST time). Paul Grewal, Coinbase’s Chief Legal Officer, commented on the measure:

The trading interruption will not affect customers’ access to XRP wallets, which will continue to be available for deposit and withdrawal functions after the trading interruption. (…) We strive to provide our clients with access to a wide range of assets, all of which are valued using our digital asset framework to assess factors such as security, compliance and aligning the project with our mission to create an open financial system for evaluate the world. We take every decision to change our customers’ access to any of these assets seriously.

Following Okcoin’s decision, Ripple’s token fell more than 6% below the $ 0.28 level across the board, but then managed to reduce some losses. However, the sell-off continued to take the XRP reins, dropping it below the $ 0.2 psychological area, which was also fueled by Coinbase’s announcement.

At the time of going to press, XRP is trading at $ 0.183 (-36%) based on data from market.Bitcoin.com.

What do you think of Okcoin and Coinbase’s decision to suspend XRP trading? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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