Two major cryptocurrency exchanges joined the XRP trade suspension campaign following the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs on December 22, 2020.
Two major crypto exchanges to suspend XRP Trade in January 2021
The last week of 2020 has started with the Announcement from Okcoin, one of the oldest crypto exchanges in the industry. They have decided to stop XRP trading and depositing on the platform as of January 4, 2021.
According to the company, users who have borrowed from the XRP/ USD margin pair, including borrowing XRP and USD, are required to return the loan value by January 3, 2021, 7:00 PM (PST time). On January 4, 2021, spot trading, margin trading and deposits will be suspended from 7:00 PM (PST time) “until further notice”.
Okcoin pointed that out, however Ripple’s situation with the US SEC “will take time to find a solution,” warns users to keep an eye on developments surrounding the unrest.
Coinbase to suspend completely XRP Trade on January 19, 2021
On the other hand, the US-based crypto exchange Coinbase too made official her decision to use the XRP trading pairs on the platform, with trading being suspended completely on January 19, 2021 at 10:00 am (PST time). Paul Grewal, Coinbase’s chief legal officer, commented on the measure:
The trade suspension will not affect customers’ access to XRP wallets that remain available for deposit and withdrawal functionality after the trading suspension. (…) We strive to provide our clients with access to a wide range of assets, all of which are evaluated against our Digital Asset Framework to assess factors such as security, compliance and the alignment of the project with our mission to Create an open financial system for the world. We take any decision to change our customers’ access to any of those assets seriously.
After Okcoin’s decision, Ripple’s token fell more than 6% across the board below the USD 0.28 level, but then it managed to cut some losses. However, the sell-off remained the XRP reins, dropping it below the $ 0.2 psychological range, also fueled by Coinbase’s announcement.
What do you think of Okcoin and Coinbase’s decision XRP trade suspension? Let us know in the comments below.
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