Bitstamp Is Going To Halt XRP Trading In Light Of SEC Filing Against Ripple
It seems that things are not going to cool down for the San Francisco-based blockchain payments company Ripple as the lawsuit filing of the United States Securities and Exchange Commission (SEC) is continuously affecting both the company and its native digital currency XRP. Following the minor cryptocurrency exchanges, major cryptocurrency exchanges have now also started considering ditching the fourth-largest digital currency.
Bitstamp, the Luxembourg-based cryptocurrency exchange has said in an announcement that it is soon going to suspend the trading of XRP on its platform. The suspension of trading and deposits of XRP will come into effect on the 8th of January. After this, the customers of the crypto exchange in the United States would not be able to make deposits in XRP neither the trading of XRP will be accessible to them.
The company said that it has taken this step to remove XRP from its trading platform in accordance with the recent lawsuit filed by the Securities and Exchange Commission. As the firm said in the announcement:
“In light of the recent SEC filing against Ripple Labs Inc., which alleges that XRP is a security, we are going to halt all trading and deposits of XRP for our US customers on 8 January 2021 at 9 PM UTC. We will closely follow the unfolding situation and continue to adapt accordingly.”
Though the trading and deposits of XRP will be suspended in the first week of January, it has not halted the service of withdrawals for its United States customers who will still be allowed to make withdrawals in XRP.
With this, the Bitstamp exchange has become the first major digital currency exchange that has taken this decision to halt XRP trading. Prior to Bitstamp, there are some other cryptocurrency exchanges that have already delisted the fourth-ranked digital currency from their trading platforms. These include the Chicago-based cryptocurrency exchange Beaxy, the digital currency exchange CrossTower, and the Hong Kong-based cryptocurrency exchange OSL.
In addition to these crypto exchanges, various other cryptocurrency firms have also ditched Ripple’s native digital currency including the Bitwise Asset Management firm, Jump Trading, and Mike Novogratz’ Galaxy Digital. All of these cryptocurrency firms have already cut their ties with XRP.
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