Revolut, a crypto-friendly trading app, is reportedly issuing a strong warning to its customers about buying and selling XRP.
According to news channel The Irish Times, the FinTech company recently sent send a message to its customers that it was still possible for the company to de-listing or restrict trading XRP with little or no notice. Revolut warned users that their money could effectively get stuck without the means to sell tokens, even if the price drops to zero “in the worst case”.
“It is important that you constantly reassess your crypto holdings, especially XRP, and that you remain familiar with the associated risks,” Revolut said.
Revolut users are limited to trading within the app and cannot send or receive crypto from third party wallets. The company said the recent charges from the US Securities and Exchange Commission could cause the liquidity of some of its partner crypto exchanges to decrease when they delete the token, rendering Revolut unable to buy or sell XRP.
Have a number of crypto exchanges including Coinbase has announced that they will suspend XRP trading starting this week in response to the SEC’s taking legal action against Ripple. The committee has charged Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen to conduct an “unregistered, ongoing offering of digital asset securities” in the sale of XRP tokens.
Last year saw the UK money app expanded its crypto trading services to Australia and the United States, reportedly sped up by growing interest in crypto during COVID-related lockdowns. Revolut users held about $ 120 million worth of crypto in 2019, despite the company reporting massive losses the same year.
At the time of publication, the price of XRP is at $ 0.23, up 2.6% in the last 24 hours.