REGULATION

Ripple Regulation Update: Coinbase, OKCoin to Halt Trading, Crypto.com Delists XRP

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Ripple Regulation Update: Coinbase, OKCoin to Halt Trading, Crypto.com Delists XRP

Ripple is currently in a very difficult situation, with rumors circulating that the cryptocurrency exchange Coinbase would delist Ripple's XRP last Friday, January 25. This rumor has now become a reality, as Coinbase has announced that it will fully suspend XRP trading at 02:00 on January 20, 2021 Taipei time.

Coinbase Suspends Trading, Custody and Wallet Services Remain Intact

According to an officialannouncement, Coinbase's Chief Legal Officer Paul Grewal stated that XRP trading was restricted starting at 06:30 AM Taiwan time on the 29th, without specifying the extent of the restriction, and will be completely suspended at 02:00 AM on January 20, 2021.

The official statement emphasizes that the trading suspension does not affect users' access to their wallets, and deposits and withdrawals can still be used normally. Qualified XRP holders will also receive the previously announced SPARK token airdrop, and Coinbase will continue to support Ripple on its custody service Coinbase Custody and wallet Coinbase Wallet.

The announcement also mentioned that trading suspensions may be implemented earlier to maintain market health.

OKCoin Halts Trading and Deposits

OKCoin also announced on its officialstatement that users must settle margin trades in lending contracts before 11:00 AM Taiwan time on January 4, and spot, margin trading, and deposit functions will be temporarily suspended before 11:00 AM on January 5. They also emphasized that they will closely monitor legal developments for real-time updates.

Crypto.com Delists XRP

In a surprising move, cryptocurrency asset management platform Crypto.com alsoannounced that XRP will be delisted from the U.S. version of the app at 18:00 on January 19 Taiwan time. Apart from halting trading, outbound and inbound transfers for U.S. users will be restricted, and interests earned through XRP EARN and XRP holdings will be transferred to Crypto.com's wallet.

Information Summary

As of now, the leading indicator in the market, Coinbase, has finally made a statement. This move is likely to prompt more industry players to follow suit, which is highly unfavorable for Ripple. The institutions that have made changes regarding the SEC lawsuit are as follows:

Exchanges

  • Coinbase
  • Bitstamp
  • OKCoin
  • CrossTower
  • Beaxy
  • OSL

Market Makers, OTC Traders

  • Jump Trading
  • Galaxy Digital
  • B2C2

Asset Management Institutions

Payment Processors

With a series of unfavorable news, XRP has once again fallen, with a maximum decline of about 20% before rebounding slightly from a low of $0.218 to $0.23 at the time of writing.