US Authorities Take Action to Shut Down Crypto Trading Platform Allegedly Defrauding Thousands of Investors

US Authorities Take Action to Shut Down Crypto Trading Platform Allegedly Defrauding Thousands of InvestorsThe New York attorney general and the U.S. Securities and Exchange Commission (SEC) have filed charges against a cryptocurrency trading platform that allegedly defrauded thousands of investors out of over a million dollars. US Regulators Allege Coinseed Operates Illegal Crypto Trading Platform New York Attorney General Letitia James took legal action Wednesday to shut down […]
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PrimeXBT: enjoy up to 100x leverage with the liquidity of 12 crypto exchanges combined

Discovering and utilizing the best platform is frequently a challenge. Does it have the instruments you need? The tools you have experience with? What about fees? Are they safe, reliable, as well as trustworthy? Reviews are essential; they assist traders in choosing the correct platform out of a veritable sea of competition, all vying for […]

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Coinbase will suspend trading in XRP on January 19

In light of the SEC’s recent action against Ripple Labs, Inc., Coinbase plans to suspend trading in XRP on Tuesday, January 19, 2021 at 10 AM PST.

By Paul Grewal, Chief Legal Officer

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 trading suspension will not affect customers’ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension. Further, customers will remain eligible for the previously announced Spark airdrop (subject to approval in certain jurisdictions), and we will continue to support XRP on Coinbase Custody and Coinbase Wallet.

Coinbase remains committed to being the most trusted platform for trading cryptocurrency. We strive to provide our customers with access to a broad set of assets, all of which are evaluated against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world. We take seriously any decision to change our customers’ access to one of those assets.

We will continue to monitor legal developments related to XRP and update our customers as more information becomes available.

*Trading may be halted earlier as needed to maintain our market health metrics

Our decision to support any asset or functionality requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions. We therefore cannot guarantee when or if the services mentioned in this post will be available in any specific jurisdiction at this time.


Coinbase will suspend trading in XRP on January 19 was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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Coinbase announces it will suspend XRP trading as price drops another 10%

Coinbase plans to suspend trading for the token on Jan. 19 but added it “may be halted earlier as needed.”

Major cryptocurrency exchange Coinbase will suspend trading for XRP in response to the United States Securities and Exchange Commission taking legal action against Ripple.

According to a blog post published today by Coinbase chief legal officer Paul Grewal, the exchange will fully suspend XRP trading starting on Jan. 19 at 10:00 am PST. Coinbase clarified that “trading may be halted earlier as needed” to maintain the exchange’s market health metrics. In addition, the suspension will reportedly not affect Ripple-backed Flare Network’s upcoming Spark (FLR) token airdrop.

“The trading suspension will not affect customers’ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension,” said Grewal. “We will continue to support XRP on Coinbase Custody and Coinbase Wallet.”

The U.S.-based exchange is the largest so far to take a position on XRP following the Dec. 22 announcement that the SEC will charge Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen with conducting an “unregistered, ongoing digital asset securities offering.”

Earlier today, crypto exchange OKCoin announced that it will suspend XRP trading and deposits beginning on Jan. 4. Bitstamp stated it will halt XRP trading for U.S. residents, while smaller exchanges including OSL, Beaxy and CrossTower announced they will take similar actions against trading the token.

Some crypto users are anticipating other exchanges falling in line like dominoes to delist or suspend trading of XRP now that a major player like Coinbase has taken a position on the token.

“You will soon see Kraken, Bittrex, Genesis, Grayscale and other members of the Crypto Rating Council delist it too,” said Twitter user PratikKala. “Liquidity will dry up and the remaining market makers in Asia will have to exit it too.”

Grayscale Investments may have already have distanced itself from XRP. According to Twitter user “ShardiB2,” the firm is reportedly ending subscriptions for its XRP Trust by announcing it would no longer accept new subscriptions or process pending ones. The Grayscale website declares that “The Grayscale XRP Trust private placement is currently closed.”

Following the Coinbase announcement, the price of XRP immediately dropped more than 10%, falling from $0.28 to $0.25 at the time of publication. This is the latest in a series of bearish movements for the token, the price of which has fallen 44% since the SEC announcement.

19:05 ET 12/28/20: Updated with further details.

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OKCoin latest exchange to suspend XRP trading and deposits

The crypto exchange said the situation between Ripple and the SEC “will take time to reach a resolution.”

Crypto exchange OKCoin announced it would suspend XRP trading and deposits following the news that the United States Securities and Exchange Commission would be pursuing legal action against Ripple.

In a blog post released today, OKCoin said its “best course of action” in response to the recent SEC lawsuit would be to suspend trading and deposits of XRP. The exchange wrote that the suspension would take place over two days. Users who borrowed XRP/USD through OKCoin “are required to return the borrowed value” before Jan. 3. The following day, the exchange will suspend spot trading, margin trading and deposits for XRP.

“It is likely that this situation will take time to reach a resolution,” said the OKCoin blog post. “We will proactively inform our customers when we have information that may change our position.”

OKCoin’s position comes following the SEC unveiling charges against Ripple as well as CEO Brad Garlinghouse and co-founder Chris Larsen on Dec. 22. The commission alleges that the firm and its executives engaged in an “unregistered, ongoing digital asset securities offering” to investors since 2013 through sales of the XRP token. Garlinghouse responded by saying the SEC “voted to attack crypto” and was doing “the opposite of ‘fostering innovation'” in the United States.

Since news of the SEC charges broke, the price of XRP has fallen more than 36% as some exchanges have announced they will halt trading for the token, including OSL, Beaxy and CrossTower. Digital asset exchange Bitstamp is also planning to suspend XRP trading, but only for users based in the United States. However, suspending XRP on OKCoin — ranked at number 29, according to CoinMarketCap — may be a precursor for large exchanges to follow.

At the time of publication, the price of XRP was $0.28, having fallen 3.5% in the last 24 hours.

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