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Ripple

XRP trading and deposits to be halted for US customers: Bitstamp

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Posted: | Last updated: April 24th, 2024
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editor-in-chief
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editor-in-chief
Posted: | Last updated: April 24th, 2024
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“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.” Bitstamp updated its US customers on 25 December.

US customers will be able to withdraw their XRP even after trading is halted, Bitstamp emphasized in their latest update. Other countries are not affected.

US Securities and Exchange Commission is accusing Ripple and co-founder Chris Larsen and CEO Brad Garlinghouse of allegedly raising over $1.3 billion through an unregistered, “ongoing” securities offering. The federal agency claimed XRP was security, in its charges. Additionally, Stephanie Avakian, director of SEC Enforcement Division, had earlier said in a statement that:

Soon after SEC announced charges against Ripple, several smaller crypto exchanges suspended XRP trading. This list includes OSL, CrossTower and Beaxy. OSL had said in a tweet: 

Recently, Bitwise announced that its Crypto Index Fund liquidated its position in XRP.  It reasoned that the fund “does not invest in assets that are reasonably likely to be deemed securities”.

Bitstamp is the first major exchange to halt XRP trading in US. What’s in store for XRP holders in the US, only time will tell.

 

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Jibin Mathew George is the Editor-in-Chief of AMBCrypto, one of the world's top 5 cryptocurrency news publications. With over five years of dedicated experience in the blockchain and digital asset sector, Jibin possesses a deep and nuanced understanding of the market's complexities. His expertise lies at the intersection of cryptocurrency and global macroeconomics, with a particular focus on the influence of political and fiscal policies on the burgeoning crypto landscape. A post-graduate in International Relations with a focus on European Politics, Jibin brings a unique and analytical perspective to the world of digital finance. This background enables him to dissect and report on the intricate legal and political frameworks shaping the future of cryptocurrencies and blockchain technology. Since the early days of the crypto boom, Jibin has been a keen observer and a prolific writer, meticulously tracking the evolution of digital assets into a distinct and significant asset class. His work is characterized by its in-depth analysis of market trends, regulatory developments, and the long-term implications for investors and the broader financial system.
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