Coinbase is preparing to suspend all trading in XRP.
The San Francisco-based crypto exchange, which is one of the largest trading platforms for XRP by volume, will flip the switch in about three weeks.
“In light of the SEC’s lawsuit against Ripple Labs, Inc., we have decided to suspend the XRP trading pairs on our platform.
Trading won’t reach its limit until December 28, 2020 at 2:30 p.m. PST and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time *.
The news triggered another sharp drop in prices for the third largest cryptocurrency. At the time of writing, XRP is down 19% to $ 0.22, according to CoinMarketCap.
Users will still have access to their balance and will still be eligible to receive tokens from the upcoming Spark Airdrop.
Coinbase will continue to support XRP for Coinbase Custody and Coinbase Wallet.
The exchange says it will continue to monitor the SEC’s case against Ripple, which alleged the company sold XRP as an unregistered security.
“Coinbase is still the most trustworthy platform for trading cryptocurrency. We strive to provide our clients with access to a wide range of assets, all of which are valued against our digital asset framework to identify factors such as security, compliance and aligning the project with our mission to create an open financial system for the world, to rate.
We take every decision to change our customers’ access to any of these assets seriously. “
Don’t Miss A Beat – Subscribe to send crypto email notifications straight to your inbox
Follow us on Twitter, Facebook and Telegram
Featured image: Shutterstock / NextMarsMedia