Coinbase has announced that it is halting all trades of XRP on its cryptocurrency exchange, according to an official blog post. The full suspension will take effect on 19th January 2021 at 19:00 WAT, but it is restricting certain kinds of trades immediately.
Coinbase says its reason for suspending XRP is “in light” of the suit the (SEC) filed against XRP’s creator, Ripple. The suspension means people will no longer be able to trade XRP on Coinbase. However, they will still be able to deposit and withdraw from their XRP wallets.
Coinbase is the largest cryptocurrency exchange in the world and suspending XRP means the future of the cryptocurrency is bleak even if the suit brought against it by the US Securities and Exchange Commission (SEC) is settled in its favour.
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“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 blog post said.
The SEC claims that XRP is a security and should get such treatment. That means Ripple’s former CEO and current CEO should have disclosed a host of additional information necessary to access the risks of XRP investors could invest their money.
Ripple regards XRP is a currency, and as such, it doesn’t fall under the jurisdiction of the SEC. Since the announcement of the suit, XRP has steadily lost value.
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