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

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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 Editor-in-Chief at AMBCrypto. A domain expert in International Relations (European Politics), he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies. As someone who has been watching and writing about this space for over 5 years now, Jibin has closely tracked the emergence of cryptos and digital assets as a separate asset class in portfolios world over. A lawyer by training, he previously contributed to the News and Research desk of Diplomacy & Beyond Plus. Before his stint at D&B, he was Editor at ED Times. Jibin also takes a great interest in politics, especially the corresponding effect political decisions and fiscal policy have on the world of finance, with a special focus on cryptocurrencies.
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